Stellar Impersonation Index
Anyone can issue any asset code on Stellar. This counts how many actually do — measured on mainnet, updated 2026-08-24.
| Code | Issuing accounts | Trustlines | Can freeze / claw back | Verdict | Largest issuer domain |
|---|---|---|---|---|---|
| BTC | 600 | 133,871 | 2 | No Canonical | dead.apay.io |
| XRP | 600 | 275,246 | 5 | No Canonical | fchain.io |
| ETH | 569 | 138,851 | 0 | No Canonical | ultracapital.xyz |
| GOLD | 530 | 178,491 | 5 | No Canonical | mintx.co |
| USDC | 421 | 2,428,834 | 3 | Canonical Found | circle.com |
| USDT | 347 | 48,816 | 1 | No Canonical | dead.apay.io |
| SILVER | 338 | 100,949 | 2 | No Canonical | metalsstellar.com |
| GBP | 168 | 27,439 | 5 | No Canonical | swisscustody.org |
| OIL | 146 | 31,481 | 7 | No Canonical | swisscustody.org |
| XAU | 129 | 40,045 | 5 | No Canonical | swisscustody.org |
| TSLA | 102 | 30,901 | 6 | No Canonical | electric.indus.exchange |
| NVDA | 92 | 19,764 | 7 | No Canonical | gostocks.org |
| AAPL | 85 | 16,607 | 6 | No Canonical | gostocks.org |
| EURC | 67 | 41,623 | 2 | Canonical Found | circle.com |
| BRL | 63 | 15,355 | 4 | No Canonical | ntokens.com |
| XAG | 51 | 3,379 | 6 | No Canonical | metalinvest.org |
| SPY | 40 | 4,895 | 7 | No Canonical | StellarETFs.com |
| QQQ | 31 | 5,287 | 5 | No Canonical | mutualfunds.stellar-dex.io |
| NGNT | 13 | 8,905 | 2 | Canonical Found | cowrie.exchange |
| YEN | 10 | 2,516 | 0 | No Canonical | qazempire.org |
Why this matters for tokenized real-world assets
Tokenized equities, treasuries and metals are being built on public chains right now.
This index shows the impersonation is already in place before the real assets
arrive: codes like SPY, GOLD and SILVER are issued by many accounts
and, in several cases, none of them is canonical. Some of the largest
issuers have auth_revocable or clawback_enabled set, meaning the
issuer can freeze or take back a holder's balance.
“So where do I get the real one?”
That is the honest end of this measurement. A code on a public network proves nothing about what backs it. A regulated venue that lists the actual asset removes the identity question entirely — there is one BTC on an exchange order book, not 600.
Disclosure: that is an affiliate link and Stellar Scout may earn a commission if you sign up, at no cost to you. It does not change anything measured on this page, and it is not advice to buy any asset. Cryptocurrency involves risk.
Method
For each code we enumerate every issuing account on Stellar mainnet via Horizon, count
trustlines per issuer, attempt the SEP-1 stellar.toml handshake at each
issuer's home domain, and read the issuer's control flags. A code is marked
No Canonical when no single issuer is both dominant and domain-verified.
Two limits stated plainly: a valid handshake proves domain control, not identity
— an impersonator can publish a toml on a domain they own; and a legitimate issuer may
publish no toml at all. Dominance is the forgery-resistant signal, because trustlines are
expensive to manufacture and domains are not.