Architectures for implantable stimulators having N electrodes are disclosed. The architectures contains X current sources, or DACs. In a single anode/multiple cathode design, one of the electrodes is designated as the anode, and up to X of the electrodes can be designated as cathodes and independently controlled by one of the X DACs, allowing complex patient therapy and current steering between electrodes. The design uses at least X decoupling capacitors: X capacitors in the X cathode paths, or one in the anode path and X-I in the X cathode paths. In a multiple anode/multiple cathode design having X DACs, a total of X-I decoupling capacitors are needed. Because the number of DACs X can typically be much less than the total number of electrodes (N), these architectures minimize the number of decoupling capacitors which saves space, and ensures no DC current injection even during current steering.