Payments

Ripple RLUSD: Issuer, Redemption, Reserves and Licences
In brief RLUSD is issued by Standard Custody & Trust Company, LLC (SCTC), a Ripple Labs subsidiary, and only institutions under the unpublished RLUSD Customer Agreement, signed with SCTC or…

Mesh: routing, custody or payments business? Where the assets sit
In brief By its own documentation, Mesh is a routing layer: the user’s crypto stays in their exchange account or wallet until a transfer that Mesh sends on the user’s…

Circle
In brief Circle’s own USDC Terms say that if you hold USDC without a Circle Mint account you are not a customer of Circle, and that a holder who cannot…

Agora
In brief Agora’s terms offer two white-label models: in the Customer-Issued one, the business is the issuer of its own token backed by AUSD; in the Agora-Issued one, the token…

Rain
In brief Rain’s published dashboard agreement names Signify Holdings, Inc. as the counterparty, and its corporate card terms name Third National, under licence from Visa, as the issuer of the…

Anchorage Digital: one bank, six branded stablecoins, and who can redeem them
In brief Anchorage Digital Bank, N.A. names six dollar stablecoins it issues with brand partners (Tether’s USAT, Ethena’s USDtb, Western Union’s USDPT, OSL’s USDGO, ZLUSD for the Zelle network and…

Robinhood: which Robinhood company holds your crypto, by region
In brief Your Robinhood crypto sits with a different company in each region: Robinhood Crypto, LLC holds US coins in omnibus wallets, Robinhood Europe UAB is both the contracting party…

Coinbase: which Coinbase company you contract with, and who holds the assets
In brief Which Coinbase company you sign with depends on product and region: Coinbase, Inc. for US retail and business accounts, Coinbase Bermuda Technologies Limited for Commerce, while the EEA,…

Reap
In brief Reap advertises Visa principal-issuer status in Hong Kong and Mexico; it names no legal issuing entity, and for the 100-plus markets announced with Visa on 23 September 2026…

Conduit
In brief We confirmed FINTRAC MSB and Bank of Canada PSP registrations for 12835304 Canada Inc., trading as Conduit, in checks dated 25 September 2026. Those checks do not establish…
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