A stablecoin stays at a dollar because a small number of firms buy it below par and redeem it at par. When they step back — as they did during the March 2023 USDC weekend — spreads widen and deviations last longer. This is who they are.
London · founded 2017 · Partial disclosure · 150+ staff
One of the main arbitrage counterparties that keeps large stablecoins near par across venues, and a frequent primary-market participant with issuers.
SpotOTCDeFi liquidityStablecoin arbitrage
Venues: Major CEXs, Curve, Uniswap, OTC desks
Chicago · founded 2014 · Partial disclosure · Part of DRW (1,000+ staff)
Large OTC counterparty for institutional USDC and USDT conversion, and an authorised participant for several tokenized treasury products.
OTCSpotInstitutional flow
Venues: OTC, major CEXs
Chicago · founded 2015 · Opaque · Reduced from peak; parent Jump Trading 1,000+
Historically a major liquidity provider for large stablecoins and a backer of cross-chain infrastructure that stablecoins depend on.
SpotDerivativesProtocol infrastructure
Venues: Major CEXs, on-chain
London / Singapore · founded 2013 · Partial disclosure · 300+ staff
Provides quoting and liquidity programmes for stablecoin and RWA issuers launching on new chains.
Market makingOTCRisk management
Venues: 60+ venues, CEX and DEX
London · founded 2015 · Public financials · 300+ staff
Quotes two-way stablecoin/fiat prices to banks and funds, a key link between the dollar and the tokenized dollar.
OTCInstitutional spotFiat pairs
Venues: OTC, bilateral
Amsterdam · founded 2004 · Public financials · 600+ staff (listed)
Brings ETF-style authorised-participant mechanics to tokenized treasuries and crypto ETPs.
ETP market makingDigital assetsRWA
Venues: Regulated exchanges, OTC
Brussels · founded 2017 · Partial disclosure · 150+ staff
Runs liquidity programmes for newer dollar tokens trying to establish depth on DEXs.
Market makingOn-chain liquidityOTC
Venues: CEX and DEX
Singapore / Hong Kong · founded 2017 · Partial disclosure · 500+ staff
Significant APAC counterparty for USDT conversion and regional stablecoin liquidity.
Market makingWealth managementOTC
Venues: CEX, OTC
Issuers, funds and treasuries looking for a liquidity provider can tell us what they need and we will pass it to the desks selected. We do not take a fee from either side.
Redemption access is not universal. For most large stablecoins only a handful of verified counterparties can mint and redeem at par, which means the peg is enforced by their balance sheets and their willingness to deploy them. If two or three of these firms simultaneously reduce risk — after a hack, a credit event, or a regulatory action — the arbitrage that normally closes a deviation in minutes can take days. That is a structural feature of the market, not a hypothetical.
If you run one of these firms and something here is wrong, out of date, or missing, send us the correction with a public source and we will update the profile and credit the change in the page history. Firms that verify their entry can add redemption access, supported venues and desk contact details. We do not charge for accuracy.
It quotes both sides of a dollar token continuously and closes the gap when the price drifts. If USDC trades at $0.997, a firm with redemption access buys it, redeems it with the issuer at $1.00, and pockets the difference — which is what pushes the price back to par. Without that trade, nothing mechanically restores the peg.
Because redemption access is not universal. For most large stablecoins only a handful of verified counterparties can mint and redeem at par, so the peg is enforced by their balance sheets and their appetite for risk. Concentration among a few firms is a structural fragility, not a hypothetical one.
Deviations that normally close in minutes can last days. During the March 2023 USDC weekend, redemptions were paused and firms cut exposure, so the discount persisted until banking access was restored rather than being arbitraged away.
Mostly as trading firms in their home jurisdictions rather than as market makers in a regulated venue sense. Disclosure varies from publicly listed companies with audited financials to firms that publish nothing, which is why every entry here is labelled by disclosure level.
Public means audited financials or listed-company reporting are available. Partial means some balance-sheet or proof-of-reserve information is published voluntarily. Opaque means no verifiable financial information is published, so their capacity to support a peg cannot be independently checked.
Related: depeg tracker · exchanges · safety methodology
Informational only, not financial advice. Terms, fees and availability change frequently — always verify on the provider's own site before committing funds. Some outbound links may be partner links; they never affect ranking or scoring.