| Open-source tracker maps stablecoin usage, corridors and live rules by country |
EY-Parthenon, Firmshift, Allium, STRIDE and Stablecoin Insider publish a monthly observatory at stabletracker.org. Sibling project to CBDC Tracker. Code is public. |
Amsterdam, Tuesday 29 September 2026 – Stablecoins move value globally, but institutions still lack a consistent way to connect what is happening onchain with the economies and regulatory regimes behind that activity. Operators and policy teams still lack a shared, country-level picture of where privately issued stablecoins function as money: which economies show the usage, which international routes carry the value, and which jurisdictions have a live, stablecoin-specific rulebook. |
Stablecoin Tracker is live. The open-source observatory, convened by Igor Mikhalev of EY-Parthenon, combines Allium’s institutional-grade blockchain data and attribution layer with official population, GDP, remittance and services-import series, and STRIDE’s country-level regulatory taxonomy. Country briefings stack usage, corridor direction and rules on one page. The code and methodology are public. The result lets institutions compare where stablecoin adoption is already happening with the economic and regulatory conditions shaping those markets. |
The contributing organizations are EY, Allium, STRIDE, Firmshift and Stablecoin Insider. |
“This tracker keeps three questions on one map, for one closed month at a time: where stablecoins are used relative to the size of the economy, which international routes carry the value, and whether a live, stablecoin-specific rulebook exists,” said Igor Mikhalev, Partner and Europe West Head of Emerging Technologies Strategy at EY-Parthenon. |
Mikhalev is also a co-founder of CBDC Tracker, the open database of sovereign digital-currency initiatives. CBDC Tracker catalogs what governments are building. Stablecoin Tracker catalogs how private tokens already move value across borders. |
The ranked table is built by comparing to a country’s GDP: outbound international corridor volume divided by period GDP. Corridor maps use Allium’s attributed blockchain data to isolate real cross-border economic activity, filtering exchange hops, DEX activity, infrastructure flows, MEV and short-term routing that can otherwise distort headline blockchain volumes. |
“Stablecoin activity is global, but understanding how that activity maps to real economic behavior is much harder than reading transactions off a blockchain,” said Ethan Chan, Co-Founder and CEO of Allium. “By combining attributed wallets with adjusted transaction data, we can separate economic activity from exchange hops, MEV and routing noise, and give institutions a clearer view of how stablecoins are being used across markets.” |
Regulatory stage, licenses and reserve-type permissions come from STRIDE’s Stablecoin Regulation Tracker, which maps this data across more than 200 jurisdictions as regulation evolves. Combining that regulatory intelligence with observed usage gives banks, issuers and compliance teams something they have been missing: the ability to see not only which stablecoins are regulated and where, but where they are actually being used. |
“A fat corridor into a jurisdiction with no framework is a different operating environment from a thin corridor into MiCA,” said Alexander Feenie, Founder and CEO of STRIDE. “We already publish stage, licenses and reserve-type rules as the law moves. Joining that to observed usage is the layer banks, issuers and compliance teams have been missing. ‘Can you operate there’ and ‘is anyone using it’ are two questions. This product holds both.” |
Firmshift is the engineering partner – the same shop that keeps CBDC Tracker in production as an open-source project. The application, the metric code and the monthly sync jobs are at Github. |
“We built a monthly observatory you can reproduce,” said Alexey Lukashin, Managing Partner of Firmshift. “Allium on the chain, STRIDE on the rules, World Bank on the macro join. Snapshots stay so last month still exists after the next sync.” |
The methodology paper – Measuring stablecoin usage, corridors, and regulation (v1.4) – is on the site. Key authors are Igor Mikhalev, Tatiana Descamps and Silke van der Burg. It defines every headline metric. Wallets are addresses. Geography is attributed. Coverage follows the sources: silence on a country means the sources are silent. |
“It’s hard to capture which corridors look like remittance rails, which look like treasury hops, and which countries have wallets sitting outside a live regime,” said Chiara Munaretto, CEO of Stablecoin Insider. |
Stablecoin Tracker is free and requires no login. The latest selectable period is the previous calendar month. The current month stays open until it closes. |
Site: https://stabletracker.org Whitepaper: https://stabletracker.org/whitepaper |
