--- title: "Stablecoin 10-K Filings 2026: 178 SEC Disclosures and Issuer Concentration" date: 2026-05-04 author: "Barry Elad" featured_image: "https://coinlaw.io/wp-content/uploads/2026/05/stablecoin-10-k-filings.jpg" categories: - name: "Cryptocurrency" url: "/crypto.md" tags: - name: "Statistics" url: "/tag/statistics.md" --- # Stablecoin 10-K Filings 2026: 178 SEC Disclosures and Issuer Concentration 178 stablecoin-mentioning 10-K filings hit the SEC EDGAR full-text index between January 1 and April 29, 2026, spanning 168 base annual reports plus 10 amended filings. The capture date for this snapshot is 2026-05-02, so the figures above represent year-to-date 2026 activity, not a closed full-year tally. The headline count understates how thin the genuine operational-exposure pool is. Seven of the 10 amendments came from a single issuer, Stablecoin Development Corp, on a single day. Strip that name-driven artifact out of the data, and the broader market’s amendment ratio collapses from 5.6% to 1.7% across the 168 base 10-Ks. The four issuers with substantive stablecoin business exposure (Coinbase, Circle, Robinhood, and Bakkt) account for only 10 of the 178 hits. ## Key Takeaways - **178** stablecoin-mentioning 10-K filings landed at SEC EDGAR between January 1 and April 29, **2026**, of which **168** were base 10-Ks, and **10** were amended 10-K/A filings. - The headline **5.6%** amendment share is dominated by **7** same-day refilings from one issuer; the broader-market amendment ratio is **1.7%** once that artifact is stripped out. - [Robinhood Markets](https://coinlaw.io/robinhood-statistics/) leads the genuine operational-exposure cohort with **4** stablecoin-mentioning documents, ahead of Coinbase at **3** and Circle Internet Group at **2**. - At least **25** issuers from outside the crypto-native cohort, including Bank of America Corp, Bank of New York Mellon Corp, and ACI Worldwide, disclosed stablecoin language in their 2026 10-Ks for the first time in the snapshot window. - FASB’s crypto-asset accounting standard, ASU 2023-08, became effective for fiscal years beginning after **December 15, 2024**, making the fiscal-2025 10-Ks filed in early 2026 the first broad-application cohort under the new measurement rules. ## Editor’s Choice - **178** total stablecoin-mentioning 10-K filings in the SEC EDGAR snapshot, 2026 YTD. - **168 base 10-K** filings against **10 amended 10-K/A** filings. - **5.6%** headline amendment share, collapsing to a true broader-market **1.7%** after isolating one issuer’s 7 same-day refilings. - **3.93%** of total filings come from Stablecoin Development Corp (a name-driven search artifact). - **2.25%** of total filings come from Robinhood Markets, the highest-ranked genuine operational-exposure issuer. - **1.69%** of filings come from Coinbase Global; **1.12%** come from [Circle Internet Group](https://coinlaw.io/circle-statistics/), the issuer of USDC. - **20** distinct issuers populate the top of the concentration cut, with **13** of them at a single filing apiece (**0.56%** share each). ## Recent Developments - **March 2026**: Circle Internet Group filed its first full-year Form 10-K as a public company on March 9, 2026, the first annual report after its 2025 New York Stock Exchange listing. The filing is one of only six 10-Ks in the snapshot carrying substantive operational-exposure language to stablecoins. - **2025**: S.394, the GENIUS Act federal stablecoin framework, passed the Senate by a bipartisan vote, requiring 100% reserve backing in cash or short-duration Treasury securities and [monthly reserve attestations](https://coinlaw.io/stablecoin-reserves-transparency-statistics/) from public accountants. Issuers reference the bill in 2026 10-K risk-factor sections to flag the regulatory baseline against which their operations would be measured under federal law. - **2025**: OCC Interpretive Letter 1183 restated the Office of the Comptroller of the Currency’s position on stablecoin reserve handling, removing the supervisory non-objection requirement that earlier guidance had imposed on national banks. - **December 2024**: FASB Accounting Standards Update 2023-08 became effective for fiscal years beginning after December 15, 2024, requiring public companies to measure in-scope crypto assets at fair value with changes recognized in net income. The fiscal-2025 10-Ks filed in early 2026 are the first round to apply the new measurement approach broadly. - PCAOB inspection reports specific to crypto-asset audits flag whether auditors obtained sufficient evidence on existence, valuation, and rights-and-obligations assertions for digital-asset balances reported under FASB ASC 350-60. ## Methodology: How CoinLaw Built This 10-K Dataset - **Source name:** SEC EDGAR full-text search - **Source URL:** [https://www.sec.gov/](https://www.sec.gov/edgar/search/#/q=%22stablecoin%22&forms=10-K&dateRange=custom&startdt=2026-01-01&enddt=2026-12-31) - **Extraction date:** 2026-05-02 - **Refresh cadence:** republished quarterly as new 10-K filings come in EDGAR full-text search indexes the body text of every 10-K, 10-Q, 8-K, S-1, and ancillary filing back to 2001, returning hits sorted by relevance with optional filters for filing form, date range, and CIK. A [stablecoin match](https://coinlaw.io/stablecoin-statistics/) means the word appeared somewhere in the filing, including risk factors, glossaries, and prior-year comparison sections, not that the issuer holds or transacts in the asset class. The drill-down sections later in this piece separate the small group of operational-exposure issuers from the larger group of risk-factor-only mentions. > **By the numbers:** According to the SEC EDGAR full-text search snapshot captured 2026-05-02, 178 10-K filings mentioned stablecoins year-to-date, but only 10 are formal amendments and 7 of those amendments came from a single name-driven shell on a single day. The genuine broader-market amendment ratio sits at 1.7%, well inside the rate auditors expect for first-year application of a new accounting standard. ## Top 10-K Issuers Mentioning Stablecoins - Stablecoin Development Corp ranks first by raw count at **7** filings, or **3.93%** of all **178** hits, but the issuer shares CIK 0001389545 with NovaBay Pharmaceuticals, and the entire SDEV cluster is a name-driven search artifact. - Robinhood Markets posts **4** stablecoin-mentioning documents, a **2.25%** share of the **178** total, and represents the highest-ranked genuine operational-exposure issuer in the snapshot. - Coinbase Global posts **3** documents at a **1.69%** share, with stablecoin language appearing across the company’s main 10-K and two attached exhibits. - Circle Internet Group, the issuer of USDC, posts **2** documents at a **1.12%** share, its 10-K plus the Coinbase collaboration agreement exhibit. - VanEck [Bitcoin ETF](https://coinlaw.io/bitcoin-etf-statistics/) (HODL) and US Bancorp also tie at **2** documents each (**1.12%** share apiece), the only large US bank in the top-7 cluster. - **13** single-mention issuers populate the bottom of the top-20 cut at **1** filing apiece (**0.56%** share each), including BitGo Holdings, Bakkt, and the five Bitwise ETF products. RankIssuerTicker10-K hitsShare1Stablecoin Development Corp (artifact)SDEV73.93%2Robinhood MarketsHOOD42.25%3Coinbase GlobalCOIN31.69%4Circle Internet GroupCRCL21.12%5NovaBay Pharmaceuticals (same CIK as SDEV)NBY21.12%6VanEck Bitcoin ETFHODL21.12%7US BancorpUSB21.12%8BitGo HoldingsBTGO10.56%9BakktBKKT10.56%10StableX TechnologiesSBLX10.56%*Source: SEC EDGAR full-text search snapshot 2026-Q1-Q4-stablecoin-10K, captured 2026-05-02.* Strip the SDEV rows out, and the genuine operational-exposure cohort is unusually small for an asset class of stablecoin’s current scale. For a broader competitive context across the venues that hold and trade these stablecoins, see CoinLaw’s [crypto exchange market share data](https://coinlaw.io/crypto-exchange-market-share-statistics/). ## The 10-K/A Amendment Signal: What Restatements Reveal - **10** of the **178** filings in the snapshot are 10-K amendments rather than base annual reports, a headline amendment ratio of **5.6%**. - Stablecoin Development Corp filed **7** of the **10** amendments on a single day, **2026-04-29**, all of which are re-filings of the same underlying 10-K. - After isolating SDEV’s same-day refilings, the broader market filed **3** amendments against **168** base 10-Ks year-to-date, a true amendment ratio of **1.7%**. - Robinhood Markets filed its 10-K on **2026-02-18** and amended it as a 10-K/A on **2026-02-20**, a two-day-later amendment that is the most common 10-K/A timing pattern in the snapshot. - VanEck Bitcoin ETF (HODL) filed an additional 10-K/A on **2026-03-27**, the only ETF-sponsor amendment in the dataset. The modest amendment count suggests issuers handled the new fair-value measurement requirements without the restatement wave some pre-2026 commentary forecast. ## New-to-Stablecoin Disclosure Cohort: Banks, Brokers, ETF Sponsors - **25** issuers in the snapshot meet the first-time-discloser threshold, with their earliest matching 10-K filing falling inside the 2026 query window. - The cohort spans Bank of America Corp, Bank of New York Mellon Corp, ACI Worldwide, Auburn National Bancorporation, Ameris Bancorp, Blue Ridge Bankshares, and Bread Financial Holdings, names from outside the crypto-native cluster. - The cohort also includes five 21Shares ETF sponsors (Dogecoin, Ethereum, Solana, XRP, and the Ark 21Shares Bitcoin product), plus crypto miners and infrastructure shells such as Bit Digital, BTCS Inc, and Athena Bitcoin Global. - Stablecoin disclosure is no longer the preserve of crypto-native filers; regional banks and traditional payments software vendors now sit in the same EDGAR result set. Without prior-year EDGAR snapshots on disk, the first-time-discloser cut over-reports, since the algorithm flags every issuer whose earliest matching filing sits inside the snapshot window; CoinLaw will refine the list when the Q3 2026 snapshot lands and a year-over-year baseline becomes available. ## Coinbase 10-K: Exposure Across Custody, Trading, and Issuance Partnership Coinbase Global filed its fiscal-year-2025 Form 10-K on **February 12, 2026**, accompanied by exhibits **10.16** and **18.1**. The filing is one of three Coinbase documents that returned a stablecoin match in the 2026 year-to-date EDGAR full-text search snapshot. Coinbase’s 10-K describes operational exposure across custody, trading, and a revenue-sharing relationship with Circle on USDC reserves, positioning stablecoin revenue as a separately reported line item. Circle Internet Group’s 10-K, filed **March 9, 2026**, attaches the Coinbase collaboration agreement as an exhibit, meaning the same commercial document trips the EDGAR full-text search through both filers’ submissions. That double-counting is one mechanical reason the issuer-concentration cut overstates Coinbase and Circle’s standalone document footprint when read naively. > **Key finding:** According to SEC EDGAR’s filing index for Coinbase Global, the company filed its fiscal-2025 Form 10-K on **February 12, 2026** with **3** stablecoin-mentioning documents, the main 10-K plus exhibits **10.16** and **18.1**. The exhibit overlap with Circle’s own 10-K is one mechanical reason the headline issuer-concentration cut overstates the standalone document footprint of either company. ## Circle 10-K: The Issuer’s-Eye View of Stablecoin Disclosure Circle Internet Group filed its fiscal-year-2025 Form 10-K on **March 9, 2026**, alongside the Coinbase collaboration agreement exhibit. Circle is the issuer of [USDC](https://coinlaw.io/usd-coin-statistics/), the second-largest stablecoin by transaction volume, and its 10-K is the most concentrated stablecoin-disclosure document in the snapshot; every section of the filing references stablecoin operations, reserves, and regulatory framework. Circle completed its New York Stock Exchange listing in **2025**, making the **2026** 10-K its first full-year report as a public company. The Circle 10-K is the public-company disclosure of the asset class itself, where peer filings mention stablecoins as one product line. ## Robinhood 10-K: Brokerage Custody and the 10-K/A Amendment Robinhood Markets filed its fiscal-year-2025 Form 10-K on **February 18, 2026**, and amended it as a 10-K/A two days later, on **February 20, 2026**. The **4**-document hit count, the base 10-K plus the 10-K/A plus two exhibits, places Robinhood second by document count among genuine operational-exposure issuers, behind the Stablecoin Development Corp name artifact and ahead of Coinbase Global. [Robinhood](https://coinlaw.io/robinhood-statistics/)‘s 10-K describes custodial holdings of customer stablecoins on the platform, integration with USDC settlement rails, and the firm’s USDG stablecoin partnership announced in **2024**. The two-day-later amendment is consistent with a typographic or exhibit-attachment correction rather than a substantive accounting revision. ## Bakkt and Other Crypto-Native Issuers: Tier-Two Exposure Profiles - Bakkt Holdings filed its fiscal-year-2025 Form 10-K on **March 19, 2026**, returning a single stablecoin-mentioning document in the snapshot. - Bakkt’s 10-K describes custodial stablecoin operations alongside its business-to-business crypto trading platform serving institutional clients and corporate treasuries. - VanEck Bitcoin ETF (HODL) returned **2** documents at a **1.12%** share, including the only ETF-sponsor 10-K/A in the dataset. - [BitGo Holdings](https://coinlaw.io/bitgo-statistics/), the institutional crypto custody platform, returned **1** stablecoin-mentioning filing at a **0.56%** share. - Bitwise ETF products covering Chainlink, the Bitwise 10 Crypto Index, Bitcoin, XRP, and Solana Staking returned **5** stablecoin-mentioning filings in total, each at a **0.56%** share. Crypto-native issuerTicker10-K hitsBakkt HoldingsBKKT1VanEck Bitcoin ETFHODL2BitGo HoldingsBTGO1Bitwise Bitcoin ETFBITB1Bitwise 10 Crypto Index ETFBITW1Bitwise Chainlink ETFCLNK1Bitwise XRP ETFXRP1Bitwise Solana Staking ETFBSOL1Ark 21Shares Bitcoin ETFARKB1*Source: SEC EDGAR full-text search snapshot 2026-Q1-Q4-stablecoin-10K, captured 2026-05-02.* The single-mention profile contrasts with Circle, whose entire filing is stablecoin disclosure by design. ## Why Most 10-K Stablecoin Hits Are Risk Factors, Not Exposure - EDGAR full-text search hits the entire body of each filing, risk factors, peer comparisons, glossaries, prior-year context, and auditor footnotes, not just the XBRL-tagged line items. - Out of **168** base 10-K filings in the snapshot, only **6** named issuers (Coinbase, Circle, Robinhood, Bakkt, BitGo, and Circle’s Coinbase exhibit) carry substantive operational-exposure language to stablecoins. - That leaves **162** base 10-Ks where the stablecoin word appears in risk-factor, peer-comparison, or definitional context rather than in line items the issuer holds or transacts in. - SEC documents EDGAR’s full-text search rate limit at **10 requests per second**, with production scrapers required to include a contact-bearing User-Agent string. CoinLaw will narrow the operational-exposure cluster further by hand-coding the top-20 issuers’ filings against XBRL line-item tags in the Q3 2026 refresh. For a broader regulatory context, the [SEC crypto enforcement data](https://coinlaw.io/sec-and-cftc-regulations-on-cryptocurrencies-statistics/) tracker compiles enforcement actions and rulemaking activity that frame how 10-K issuers describe stablecoin risk factors. **Adjacent reading:** [Cryptocurrency fraud statistics](https://coinlaw.io/cryptocurrency-security-fraud-statistics/) for issuer-level context on Coinbase and Robinhood. ## Frequently Asked Questions (FAQs) **What does it mean when a public company "discloses stablecoin exposure" in a 10-K filing?**A 10-K stablecoin disclosure is any mention of the word "stablecoin" in the filing body, including risk factors, accounting policies, business descriptions, and auditor footnotes. The disclosure does not by itself confirm that the company holds, issues, or transacts in stablecoins; it simply means the company addressed the topic in writing within the annual report. **Why does Stablecoin Development Corp dominate the issuer concentration list?**Stablecoin Development Corp shares CIK 0001389545 with NovaBay Pharmaceuticals, meaning SDEV is a renamed shell that retained the original entity’s filing history. Because "stablecoin" appears in the company’s corporate name, every filing the entity makes trips the EDGAR full-text search regardless of business activity, producing a name-driven concentration artifact. **Why does FASB ASU 2023-08 matter for the 2026 10-K cohort?**ASU 2023-08 became effective for fiscal years beginning after December 15, 2024, requiring public companies to measure in-scope crypto assets at fair value with changes recognized in net income each reporting period. The fiscal-2025 10-Ks filed in early 2026 are the first round to apply the new measurement approach broadly. **What is the GENIUS Act, and how does it appear in 10-K filings?**S.394, the Guiding and Establishing National Innovation for U.S. Stablecoins Act, passed the Senate by a bipartisan vote in 2025 and establishes a federal framework for payment stablecoin issuance with 100% reserve backing in cash or short-duration Treasury securities. Issuers reference the bill in their stablecoin risk-factor sections to flag the regulatory baseline against which their operations would be measured under federal law. **Why does the 10-K/A amendment ratio matter?**Amendments to annual reports often signal accounting restatements; a high amendment count specific to stablecoin-mentioning filings could flag widespread disclosure errors. In the 2026 snapshot, the headline 5.6% amendment share is collapsed by 7 same-day refilings from one issuer; the broader-market ratio of 1.7% suggests issuers handled the first broad-application year of FASB ASU 2023-08 without a wave of substantive restatements. **How often will CoinLaw refresh this dataset?**CoinLaw commits to a quarterly refresh cadence, republishing this dataset as new 10-K filings come in. The next snapshot is scheduled for Q3 2026, when a year-over-year baseline becomes available, and the first-time-discloser cut can be refined against prior-year EDGAR snapshots on disk. ## Conclusion The headline **178** stablecoin-mentioning 10-K filings overstate the genuine operational-exposure pool: six named issuers (Coinbase, Circle, Robinhood, Bakkt, BitGo, and Circle’s Coinbase collaboration exhibit) carry substantive business language while the remaining **162** base 10-Ks reference the asset class in risk-factor, peer-comparison, or definitional context. That asymmetry is the most useful read on the data for treasury and audit teams sizing the public-company stablecoin footprint. The **1.7%** broader-market amendment ratio matters as much as the headline count. With FASB ASU 2023-08 in its first broad-application year for fiscal years beginning after **December 15, 2024**, the modest amendment count suggests issuers absorbed the new fair-value measurement requirements without the disclosure churn forecast in pre-2026 commentary. The next CoinLaw snapshot lands in Q3 2026, when prior-year EDGAR data will let analysts refine the first-time-discloser cohort and test whether the broader-market amendment ratio holds its current floor. Definition of Staking. Link to full glossary entry follows the description.**Staking**Staking is the process of locking cryptocurrency in a proof-of-stake network to help validate transactions and earn rewards, replacing energy-intensive mining. [Read more](https://coinlaw.io/glossary/staking/) Definition of Crypto ETF. Link to full glossary entry follows the description.**Crypto ETF**A crypto ETF is an exchange-traded fund that holds cryptocurrency directly or via futures, letting investors access digital assets through brokerage accounts. [Read more](https://coinlaw.io/glossary/crypto-etf/) Definition of Stablecoin. Link to full glossary entry follows the description.**Stablecoin**A stablecoin is a cryptocurrency tied to a reserve asset like the US dollar, designed to maintain a stable value for trading, payments, and transfers. [Read more](https://coinlaw.io/glossary/stablecoin/)