Understand crypto. Compare it to fiat. Build with clarity.
Crypency is the deep informational hub for companies that build and promote cryptocurrencies—and for decision-makers comparing crypto rails vs fiat rails. We explain markets and protocols, real-economy use cases, and where hard currencies and crypto converge.
Featured data snapshot
Point-in-time figures published by the issuers and funds themselves, each shown with its own as-of date (retrieved October 8, 2026, PT). Figures with different dates or measures are not added together. The ETF figure is from the September 22, 2026 (PT) pack and is flagged to verify live.
Stablecoins (issuer-reported)
USD₮ $184.16B · USDC $74.1B
Tether: USD₮ net circulation, as of Oct 8, 2026 5:56 PM PT (tether.to). Circle: USDC in circulation, as of Oct 5, 2026 (circle.com). Different dates; not a market total.
Spot BTC ETF AUM
approx — verify live~$110.1B
SoSoValue U.S. spot Bitcoin ETF net-assets snapshot; verify live
Tokenized funds (fund-reported)
USDY $2.06B · FOBXX $667.96M
Ondo: value of USDY outstanding, as of Oct 7, 2026 4:59 PM PT (ondo.finance). Franklin Templeton: FOBXX total net assets, as of Sep 30, 2026. Examples only; not a market total.
Visa stablecoin settlement
$20B run-rate
Annualized stablecoin settlement run-rate, up more than 15x year over year (Visa press release, Sep 8, 2026)
Institutional exposure
The SoSoValue dashboard showed approximately $110.1B in U.S. spot BTC ETF net assets after Farside reported approximately $999M in net inflows on September 21. approx — verify live
Tokenized funds, fund by fund
Franklin Templeton reports total net assets of $667.96M for its Franklin OnChain U.S. Government Money Fund (FOBXX) as of September 30, 2026. Ondo reports $2.06B of USDY outstanding as of October 7, 2026 (4:59 PM PT). The public BUIDL product page (securitize.io) does not show an AUM figure, so we don’t quote one. Crypency does not publish a market-wide tokenized-RWA total. Sources and details →
Content pillars
Three structural threads define the mid-2026 landscape for builders and B2B buyers: institutional ETF exposure, stablecoins as dollar rails, and institutional RWA tokenization.
What is happening
Institutional exposure via spot BTC ETFs, stablecoins as the dollar rail inside crypto, and tokenized RWAs skewed institutional.
Explore →Use casesHow crypto is used
Payments, remittances, DeFi, and RWA tokenization—proof points for company pitches, not price narratives.
Explore →ConvergenceWhere fiat & crypto meet
CBDCs, payment stablecoins, bank deposit tokens, card/messaging networks, and EM dollar access via stables.
Explore →CompareCompare forms of money
Cash, deposits, CBDCs, stables, native crypto, and tokenized deposits—properties, not slogans.
Explore →Industry directory
Categories for companies building and promoting crypto. Examples are illustrative—not endorsements.
Exchanges & brokers
Centralized and decentralized venues for spot trading, brokerage, and fiat on-ramps. Access and licensing vary sharply by jurisdiction.
5 illustrative examples
Custodians & qualified custody
Institutional custody is the chokepoint for ETF, fund, and corporate treasury adoption. Qualified and bank-affiliated providers dominate compliant flows.
5 illustrative examples
Wallet & key infrastructure
Consumer self-custody, hardware, MPC/institutional wallet infra, and embedded / account-abstraction wallets.
5 illustrative examples
L1 / L2 protocol organizations
Layer-1 smart-contract and settlement networks, Ethereum L2s, Bitcoin layers, and payment-oriented chains appearing in settlement partner sets.
5 illustrative examples
Stablecoin issuers
Fiat-backed, crypto-collateralized, and synthetic dollar/euro tokens. Always label reserve model and regulatory regime.
5 illustrative examples
Payment processors & card programs
Card networks, merchant processors, on/off-ramps, and cross-border payout partners productizing stablecoin settlement.
5 illustrative examples
For companies building crypto
- • Crypto project teams (founders, BD, marketing/PR)
- • Payment / fintech decision-makers
- • Corporate treasury & strategy
- • Compliance and policy advisors needing non-advice maps
Regulation at a glance
- • U.S. GENIUS Act enacted 18 Jul 2025 (rules still implementing)
- • EU MiCA transitional period ended 1 Jul 2026
- • Digital euro: possible issuance during 2029 if EU law in 2026 (ECB)
- • U.S. retail CBDC effectively halted; FedNow ≠ CBDC
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