Upcoming Stablecoins

US Dollar Payment Token

USDPT

Western Union moves $200B+ in cross-border remittances annually and has decided the next leg of that journey runs through Solana. USDPT is issued by Anchorage Digital Bank — the first federally chartered OCC crypto bank — with reserves custodied at U.S. Bank and Western Union providing the distribution network spanning 200+ countries and half a million retail locations. The March 2026 media blitz tells the real story: CEO McGranahan went on Fox Business to explain the business model — converting Western Union's 'negative float' (paying partners to hold funds) into positive float revenue from treasury assets. Crossmint now handles wallet infrastructure, Rain is building a stablecoin-linked Visa prepaid card targeting inflationary markets, and the company wants to onboard community banks currently stuck on SWIFT. CoinGecko already has a preview listing with zero supply, which means the infrastructure is assembled but the token isn't circulating yet. The 170-year-old money transfer company may not need to compete for DeFi liquidity — its physical footprint is the moat.

Tangent USD

USG

Tangent Finance — which pivoted from the Convergence protocol after an August 2024 exploit — is building USG as an over-collateralized CDP stablecoin that accepts productive DeFi collateral: Curve LP tokens, Pendle PTs, and Stake DAO positions rather than raw ETH or stablecoins. The peg mechanism borrows from crvUSD’s playbook: dynamic interest rates and a rewards deduction rate automatically increase when USG drifts below $1, incentivizing borrowers to repay. A yield-bearing sUSG vault (ERC-4626, built on Yearn v3) lets holders capture 25% of protocol earnings passively. Four audits are complete — Sherlock (Sep 2025), Egis, and two Pashov reviews (Oct-Dec 2025) — and the protocol has moved from auditing into beta testing, with mainnet deployment still ahead. The design bets that DeFi-native collateral can be more capital-efficient than traditional CDP models, though it inherits the composability risk of every protocol whose tokens it accepts.

Base Dollar

BD

Base Dollar takes Liquity V2's battle-tested CDP architecture and replants it on Base with a twist: instead of ETH collateral, borrowers deposit LP tokens — routing the stablecoin's security model through Aerodrome's liquidity layer and harvesting AERO farming rewards as the yield engine. Revenue splits three ways between users, a protocol-owned liquidity treasury, and BD stakers, a design that ties the protocol's survival to the depth of Base's DEX ecosystem rather than ETH price alone. The project recently completed an external audit that surfaced a high-severity LP token price manipulation vulnerability and a medium-severity timelock bypass, both now remediated with fuzz testing added — the kind of findings that are routine for a Liquity fork adapting to exotic collateral types but worth watching post-launch. Still in the auditing phase with a Q2 2026 target, Base Dollar is betting that LP-collateralized debt positions can offer better capital efficiency than vanilla ETH CDPs, though the trade-off is inheriting every smart contract risk in the Aerodrome stack on top of its own.

Roughrider Coin

ROUGHRIDER

North Dakota's Bank of North Dakota — the only state-owned bank in the US — cleared its biggest hurdle on March 25 when the Industrial Commission unanimously approved the bank-to-bank use case for Roughrider Coin. Ten local banks have already expressed pilot interest, CEO Don Morgan rates the risk as 'low to moderate,' and the project is expected to be cost-neutral to the state. The coin runs on Solana via Fiserv's infrastructure, backed by USD reserves and 93-day Treasury notes under the GENIUS Act's state-issued stablecoin exemption. It won't be publicly tradeable — this is pure interbank settlement plumbing, voluntary for ND banks and credit unions. September 2026 remains the target, pending Fiserv contract finalization. As the second US state stablecoin after Wyoming's FRNT, Roughrider represents an emerging pattern: state treasurers discovering that blockchain settlement is cheaper than correspondent banking, even when the vote requires a closed-door executive session lasting two and a half hours.

Fiserv USD

FIUSD

Fiserv processes $2 trillion in payments annually for 6,000+ financial institutions and wants to make stablecoins just another rail in that plumbing. FIUSD is less a single stablecoin and more a platform: Paxos handles issuance, Circle provides ecosystem interop, PayPal enables interoperability, and Mastercard connects the payments network. The centralized-dependent classification captures this architecture accurately — FIUSD depends on an entire constellation of partners, any of which could become a bottleneck. The end-of-2025 launch target has quietly slipped into 2026 with no firm date, which either means careful regulatory preparation or the inherent difficulty of coordinating four major fintech companies on a shared timeline.

Qivalis is the European banking establishment's answer to USDC and Tether: a MiCA-compliant euro stablecoin backed by a consortium of 12 major banks including BNP Paribas, ING, UniCredit, and BBVA. The reserve design — 30-40% bank deposits, the remainder in short-term eurozone government bonds — reads like a money market fund with a blockchain address. The blockchain question is now settled: Ethereum mainnet first (ERC-20), then Polygon and Base, all with a permissioned KYC layer — only pre-verified participants can hold or transfer the token, which is the banking consortium's compromise between public chain liquidity and institutional control. CEO Jan-Oliver Sell (ex-Coinbase Germany) is finalizing exchange partnerships, with Bit2Me named as one platform in discussions. The EMI license application has been filed with De Nederlandsche Bank but not yet granted. The central tension remains whether twelve banks that compete fiercely in every other market can cooperate long enough to ship before Circle's EURC and SocGen's EURCV eat the entire MiCA-compliant euro stablecoin market.

Polaris USD

pUSD

Polaris Finance is building what its co-founders TokenBrice and 0xLuude call the successor to Liquity's ethos: a crypto-collateralized stablecoin on Ethereum with immutable core contracts, no admin keys, and no off-chain assets. pUSD is minted against pETH collateral via CDPs, and the yield-bearing angle comes from protocol revenue — borrowing interest, swap fees, conversion gains, and DEX fees — rather than from depositing reserves into Aave. The private testnet is live with a Q4 2026 target, which gives the team time to prove that you can ship immutability without sacrificing usability. For a market saturated with centralized fiat-backed tokens and yield products built on leverage, pUSD is a deliberate bet that there's still demand for the Liquity V1 philosophy, upgraded.

Polaris Gold

pGOLD

Polaris Gold shares infrastructure with its sibling pUSD but pegs to gold rather than the dollar — and critically, does so without any physical gold backing. Unlike XAUT or PAXG, which tokenize actual bars in Swiss vaults, pGOLD is a synthetic gold exposure minted from the same pETH collateral pool via CDPs on Ethereum. This makes it arguably more decentralized than any gold-pegged token on the market, at the cost of carrying all the risks of crypto collateral in a down market. Whether DeFi users want synthetic gold exposure from immutable contracts instead of custodied metal from Tether or Paxos is an experiment Polaris is willing to run.

KlarnaUSD

KLARNAUSD

Klarna — the Swedish fintech with 114 million customers and $112B in annual GMV — is building a stablecoin via Stripe's Bridge infrastructure on the Tempo L1. Tempo mainnet went live on March 18 with sub-second finality, fees under $0.001, and a Machine Payments Protocol co-authored with Stripe for autonomous AI agent payments — yet KlarnaUSD was conspicuously absent from the mainnet launch partners list (which included Anthropic, Mastercard, Visa, and Revolut). Bridge's conditional OCC national bank trust charter, approved in February, strengthens the regulatory foundation for KlarnaUSD issuance. The coin remains on Tempo's testnet for now, making it a matter of 'when' rather than 'if.' The interesting dynamic hasn't changed: Klarna doesn't need external adoption for KlarnaUSD to succeed — its own payment volume is large enough to justify the infrastructure, making DeFi liquidity a bonus rather than a requirement.

Tori trUSD

trUSD

Tori Finance soft-launched trUSD on Ethereum on March 24 with the same playbook Ethena popularized: a synthetic dollar backed by delta-neutral trading positions (futures arbitrage, calendar spreads, hedged money markets) with a yield-bearing staked wrapper (strUSD, ~15% APY advertised). Delphi Ventures led the seed round alongside QInvest, CMCC Global, and Bering Waters. Accountable provides real-time proof of reserves via its DVN, and two audits are complete (Sherlock Jan 2026, Nethermind Mar 2026). The bull case writes itself — institutional yield strategies democratized at $1 minimums. The bear case is equally obvious: contract addresses are still listed as 'TBA' in the docs, the app endpoint refused connections during our research, TVL shows N/A on their own site, and the Nethermind audit was completed the same day as the 'launch.' Not on DefiLlama, not on CoinGecko, 17 total tweets. This is a controlled beta marketed as a mainnet launch, and the 0.1% mint/redeem fee plus 10% performance fee structure means Tori needs meaningful AUM before the economics work. Watch for contract publication and aggregator listings before treating this as anything more than a proof of concept.