Upcoming Stablecoins

US Dollar Payment Token

USDPT

USDPT launched on May 4, 2026 as Western Union's U.S. dollar payment stablecoin on Solana, issued by Anchorage Digital Bank and designed first for treasury and agent settlement. Public price and market-cap feeds remain the gating items before the asset can move beyond pre-launch coverage.

Flipcash USDF

USDF

Flipcash's USDF is the first Coinbase Custom Stablecoin, a USDC wrapper used to prove out the stablecoin-as-a-service platform. USDF is the first stablecoin minted through Coinbase's Custom Stablecoins platform — a stablecoin-as-a-service product that lets any business launch a branded dollar backed 1:1 by USDC. Flipcash is the guinea pig, and the product itself is less interesting than the platform it proves out: if Custom Stablecoins works, every fintech, neobank, and loyalty program can have its own branded dollar without touching reserve management. The dependency chain is explicit — USDF is a wrapper around USDC, which is a wrapper around BlackRock-managed T-bills — and the governance is centralized-dependent because the token's existence depends on Coinbase continuing to operate the platform. Whether the world needs branded USDC wrappers or whether this is just a new distribution strategy for Circle's existing product is a question Coinbase would prefer you didn't ask too loudly.

Base Dollar

BD

BD is a pre-launch Liquity V2 fork on Base, designed as an overcollateralized dollar stablecoin minted against LP token collateral and earning AERO yield. 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.

JPYSC

JPYSC

Pre-launch trust-bank yen from Shinsei + SBI VC Trade + Startale under Japan's Type III electronic payment framework; Q2 2026 target. JPYSC is the first JPY stablecoin issued through Japan's trust bank framework rather than under JPYC's prepaid payment instrument workaround — and that distinction is the entire product. Shinsei Trust & Banking issues, SBI VC Trade distributes, and Startale Group (the Astar Network operator and Sony's Soneium co-developer) handles the technology, with the Q2 2026 target conditional on Financial Services Agency sign-off. Type III electronic payment instrument classification gives JPYSC the legal teeth that JPYC has been negotiating around for three years: redemption rights backed by trust law, segregation of customer assets, and — crucially — permission to allocate up to 50% of reserves to Japanese government bonds, generating yield that the prepaid model can't legally touch. The deployment chain is unannounced, which is unusual for a launch this close, and likely reflects a multi-chain or institutional rail strategy rather than a public-DeFi play. JPYSC is a bet that Japan's $309B-stablecoin-market participation has been gated on legal infrastructure, not technology — and that SBI's institutional client book plus Startale's blockchain stack is the right hand to play once the regulator signs. The trust-bank framework legalizes up to 50% JGB treasury bonds in reserves, trust-segregated custody, FSA-grade attestation, and statutory redemption rights.

HKDAP

HKDAP

The first HKMA-licensed HKD stablecoin under the Stablecoins Ordinance; HKD-backed by HQLA in segregated accounts. HKDAP is what happens when Standard Chartered, Hong Kong's largest telco (HKT), and Animoca Brands form a joint venture to build the first stablecoin licensed under the HKMA's Stablecoins Ordinance — a regulatory framework that went from proposal to law faster than most jurisdictions manage a consultation paper. In May 2026 the project moved from paper to chain: Anchorpoint and OSL Group ran a full-lifecycle test on Ethereum mainnet — fiat funding, reserve, mint, transfer, and full redemption — without putting tokens into public circulation, which both advances HKDAP into testing and confirms Ethereum as the deployment chain. The HKD peg is backed by high-quality liquid assets in segregated accounts, regulatory-speak for 'we learned from Tether's early years.' The B2B2C model targeting RWA settlement and cross-border payments positions HKDAP as infrastructure for Hong Kong's push to become Asia's regulated digital asset hub, with a phased rollout still aimed at the end of Q2 2026. Whether the consortium structure — a bank, a telco, and a gaming company — can move at stablecoin speed rather than committee speed is the operational question, though a working mainnet mint-and-redeem cycle is a more convincing answer than most pre-launch issuers can show. The licensing playbook is built on segregated custody, HKMA-mandated attestation, and a regulated redemption path scoped for HKD-denominated RWA settlement.

Roughrider Coin

ROUGHRIDER

North Dakota's state-owned bank cleared its biggest hurdle on March 25 for a Solana-based bank-to-bank settlement coin, targeting September 2026. 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

FIUSD is Fiserv's pre-launch Solana dollar stablecoin built on Circle and Paxos infrastructure — a payments-rails play with four-partner coordination risk. 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 custody and redemption partners, any of which could become a bottleneck. After the original end-of-2025 target quietly slipped, CEO Mike Lyons finally planted a flag in June 2026: FIUSD goes live in July, opening with an interbank settlement pilot. The real test isn't the token — it's whether four fintech giants can ship on one timeline, with Bank of North Dakota's white-labeled Roughrider Coin already queued behind it for September.

Qivalis Euro

QEUR

QEUR is a pre-launch MiCA-oriented euro stablecoin from a banking consortium that ballooned to 37 institutions across 15 countries by May 2026 — up from 12 a few months earlier — targeting H2 2026 issuance under a Dutch EMI license. Qivalis is the European banking establishment's answer to USDC and Tether: a MiCA-compliant euro stablecoin now backed by names like BNP Paribas, ING, UniCredit, BBVA, ABN Amro, Intesa Sanpaolo, Rabobank, and Nordea. 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 chain question is settled: Ethereum mainnet first (ERC-20F with a permissioned KYC layer), then Polygon and Base — only pre-verified participants can hold or transfer the token, the consortium's compromise between public-chain liquidity and institutional control. CEO Jan-Oliver Sell (ex-Coinbase Germany) is lining up exchange partnerships, and the EMI license application sits with De Nederlandsche Bank, filed but not granted; Qivalis says it will launch the moment approval lands. The central tension is unchanged and arguably sharper at 37 members: whether dozens of banks that compete fiercely everywhere else can cooperate long enough to ship before Circle's EURC and SocGen's EURCV finish eating the MiCA-compliant euro market. The ticker itself isn't even public yet. Custody sits across consortium banks and 1:1 redemption rights remain pre-launch commitments.

Polaris USD

pUSD

A pre-launch Liquity-style immutable CDP stablecoin on Ethereum that captures protocol revenue for holders rather than reserve interest. 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

A pre-launch synthetic gold exposure minted from pETH via CDPs, with no physical backing — decentralized to a fault. 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's planned USD stablecoin on Tempo via Stripe Bridge Open Issuance; testnet only, mainnet TBD. 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. Bridge's OCC trust charter brings regulated custody and an attestation framework, with a redemption window scoped for Klarna's settlement flows rather than open DeFi liquidity.

Bridge USDB

USDB

Bridge's USDB is Stripe's invisible stablecoin rail, with reserves at BlackRock MMFs under an OCC trust charter and distribution embedded in $1T of annual payment flow. USDB is the stablecoin most people will never know they're using. Bridge — Stripe's $1.1 billion acquisition — quietly powers Stablecoin Financial Accounts in 101 countries, turning every Stripe merchant into a potential stablecoin endpoint without the merchant ever touching a token. The OCC conditional national trust bank charter from February 2026 gives Bridge the federal regulatory cover that most stablecoin issuers spend years pursuing, and the reserves sit in cash and BlackRock money market funds with institutional custody. What makes USDB strategically interesting isn't the token itself — it's that Stripe processes $1 trillion annually and can embed stablecoin settlement into existing payment flows without asking permission from anyone downstream. The competitive moat isn't technology or regulation; it's distribution through indifference.

OKRW

OKRW

Pre-launch native KRW stablecoin of Maroo, Hashed Open Finance's sovereign L1 testnet built specifically for Korean Won; regulated and open issuance tracks, mainnet targeted for late 2026. Hashed Open Finance didn't just build a KRW stablecoin — it built an entire Layer 1 blockchain to host it. Maroo is positioned as the first 'sovereign L1' purpose-built for Korean Won stablecoins, with a dual-track design that offers both a regulated path (bank-backed, KYC-gated) and an open path (permissionless issuance). The testnet went live in May 2026 with OKRW as the native token, and mainnet is targeted before year-end. In a country where crypto trading volumes regularly rival the stock market but regulated stablecoin infrastructure is virtually nonexistent, the thesis is less about technology and more about regulatory positioning: whoever builds the compliant KRW on-ramp first captures a market that has been using USDT as a proxy currency by default.

ARC

ARC

ARC is a pre-launch INR stablecoin from Anq, designed for a regulated 1:1 rupee peg backed by cash, fixed deposits, and Indian government securities. ARC is India's first attempt at a regulated rupee stablecoin, built by Anq with Polygon's backing and designed to prevent the USD liquidity outflow that India's regulators have been quietly panicking about since USDT volumes on Indian exchanges started dwarfing domestic payment rail throughput. The collateral — cash, fixed deposits, and Indian government securities — reads like a mutual fund prospectus, with custody at regulated Indian banks, and the two-tier framework is explicitly designed to complement rather than compete with the RBI's digital rupee CBDC. The Uniswap v4 whitelisting for compliance is a novel technical approach to the 'permissioned token on a permissionless chain' problem, and primary redemption will run through KYC-gated issuer rails rather than open market making. Whether India's regulatory apparatus will actually let a private rupee stablecoin operate alongside its CBDC remains the existential question that no amount of technical architecture can answer.

BRD Stablecoin

BRD

BRD is a pre-launch Brazilian real stablecoin from CF Inovacao, backed by Brazilian Treasury bonds and structured to pass Selic-rate yield back to holders. BRD is a BRL stablecoin announced January 6 2026 by Tony Volpon, a former deputy governor of the Central Bank of Brazil, through his company CF Inovacao. The distinctive structural choice: BRD is backed by Brazilian National Treasury bonds and explicitly designed to pass the Selic-linked yield (currently around 15%) back to holders, rather than retaining it as issuer revenue. That is the same model Crown's BRLV already operates in institutional channels — Crown raised $13.5M from Paradigm in December 2025 — but BRD is positioning as the first to make yield-sharing the primary product framing rather than a niche feature. The competitive set in Brazilian BRL stablecoins is small but real: Transfero BRZ ($185M), BBRL ($51M), BRL1, plus cREAL on Celo. The harder gate is Brazilian regulation: BCB's FX-classification regime took effect February 2 2026 and final Consulta Publica 111 output is still pending, which is why Volpon has not published a launch date alongside the announcement.

BDACS KRW1

KRW1

BDACS/Woori KRW PoC on Avalanche with real-time banking-API reserve attestation; commercial gating awaits Korea's Digital Asset Basic Act. KRW1 is BDACS's KRW-backed stablecoin, developed with Woori Bank as the reserve custodian and launched on Avalanche in September 2025 — but in a proof-of-concept phase, not in public circulation. The structural advantages are real: real-time banking-API reserve attestation through Woori, KISA's endorsement of Avalanche for public-sector reliability, and a February 2026 Plume partnership that positions KRW1 as the Korean institutional settlement rail for tokenized RWAs (Plume hosts roughly $645M in tokenized assets). The commercial gating is Korea's still-pending Digital Asset Basic Act framework, where BDACS is explicitly trying to make KRW1 the technical standard. The strategic weakness is distribution — BDACS is a B2B custodian without a consumer app or retail footprint, which makes KRW1 likely to win on the institutional side and lose to bank-led or super-app issuers if Korea's eventual framework favours retail surfaces. Real-time banking-API attestation runs through Woori Bank custody, with KRW1 positioning itself as the settlement rail for Korean institutional RWA flows and redemption routed through regulated banking channels.

Revolut USD Stablecoin

RUSD

Revolut's expected USD stablecoin remains pre-launch, with ticker, chain, and reserve model still unannounced. RUSD represents Revolut's expected USD stablecoin direction, sister to the already-tracked RGBP. The legal substrate was assembled in 2025: Revolut Digital Assets Europe took a MiCA CASP licence from CySEC on October 23 2025, and Revolut's existing Bank-of-Lithuania EMI provides the e-money-token issuer foundation that MiCA Title IV requires. The Cyprus announcement also unveiled 'Crypto 2.0' with '1:1 conversion between stablecoins and USD' as a flagship feature — close enough to a product tease that EU counsel described a 2026 Revolut stablecoin as plausible. The harder questions are downstream: ticker, chain choice, reserve and custody disclosure model, redemption mechanics, and how Revolut navigates the UK Bank of England's proposed restrictions on cross-group stablecoin issuance that already constrain RGBP. Ticker, chain, reserve model, and first-issued variant remain unannounced.

Itau Unibanco BRL Stablecoin

BRL-ITAU

BRL-ITAU is a pre-launch stablecoin under evaluation by Brazil's largest private bank Itau Unibanco, with peg currency and design pending BCB regulation. Itau Unibanco — Brazil's largest private bank by assets — confirmed in April 2025 that it is evaluating its own stablecoin, with Head of Digital Assets Guto Antunes telling a Sao Paulo industry event the bank is 'always open to understanding whether it makes sense for our clients to have a stablecoin, even one in real, within Itau'. The peg-currency choice (BRL or USD) is explicitly undecided and gated on the final shape of Brazil's regulatory framework via BCB Consulta Publica 111, especially the open self-custody question that Antunes flagged as a major design constraint. Itau already participates in the DREX wholesale CBDC pilot, providing distribution-rail experience but also a competing institutional product that may shape final positioning; primary redemption would presumably run through Itau's bank network. The placeholder is BRL-denominated because Brazil's retail base and Itau's franchise make a real-denominated launch the most likely first design, while Itau has not ruled out a USD-denominated option.

Nubank USD Stablecoin

USD-NU

a pre-launch Nubank dollar pilot anchored to credit-card rails, with own-issuance vs. third-party-integration still unresolved. Nubank's stablecoin pilot is structurally interesting because the entry point is not a wallet or a remittance corridor but the credit card. Vice-chair Roberto Campos Neto — Brazil's central bank governor through 2024 — announced at Meridian 2025 that Nubank would test dollar-pegged stablecoin payments on credit-card rails, framed inside a larger plan to tokenize deposits and issue credit against tokenized assets. Nubank already integrated USDC inside its app in 2023 and has 100M-plus customers across Brazil, Mexico, and Colombia, which is the actual asset here: distribution. The unresolved product question is whether Nubank issues its own dollar stablecoin or routes through an existing one; Campos Neto's framing leaves both open, including the custody and redemption architecture. The placeholder uses own-issuance as the working interpretation, but the pilot could still resolve as a USDC/PYUSD integration rather than a new Nubank-issued token.

iM Bank KRW Stablecoin

KRW-iM

Korean commercial-bank KRW PoC on Kaia with post-quantum security; symbolic of regulatory thaw rather than a commercial product. iM Bank's KRW stablecoin proof-of-concept has a feature that most stablecoins won't need for a decade but makes excellent press releases: quantum-resistant post-quantum cryptography via BTQ Technologies on the Kaia blockchain. Set aside the security theater angle, and the actual significance is that a Korean commercial bank is building a KRW stablecoin at all — South Korea's regulatory stance on private stablecoins has been cautious to the point of paralysis, and a bank-led PoC signals that the regulatory ice may be thawing. The Finger partnership handles the wallet and DeFi integration layer, while iM Bank brings the banking license and the KRW reserves. Whether this moves beyond proof-of-concept depends entirely on whether Korean regulators want to compete with Hashed's OKRW for the title of first regulated KRW stablecoin — or whether they'd prefer neither existed. As a bank-issued PoC, the stack assumes regulated custody of KRW reserves, statutory attestation, and a banking-rail redemption path that has yet to face commercial traffic.

Tenbin Gold

tGLD

tGLD is Tenbin's tokenized gold note, but unlike PAXG or XAUT it holds no vaulted metal. Each token is a Tenbin AssetCo (BVI) debt-note representing the U.S.-dollar value of one troy ounce of gold, collateralized by USDC and hedged with CME gold futures rather than allocated bullion. Mint and redemption are KYC-gated through a Controller and a backend signer that holds the on-chain minter role, and redemptions settle in a USD stablecoin instead of physical metal. Launched on Ethereum mainnet in February 2026 after a $7M Galaxy Ventures-led seed and four security audits, it remains in private beta — roughly $0.3M outstanding across about 36 holders, with its only public market a near-dormant Uniswap V4 pool and no independent proof-of-reserves attestation. Pharos lists tGLD as pre-launch until its public price feed updates frequently enough to clear the gold pricing-freshness gate; a staked yield variant (stGLD) and testnet FX siblings (tBRL, tMXN) round out Tenbin's roadmap.

Revolut GBP Stablecoin

RGBP

Revolut's pre-launch UK GBP stablecoin is expected to issue from the e-money subsidiary, not the bank, and remains sandbox-only until October 2027 — with proposed BoE rules that legal analysts call structurally unviable. Revolut got its full UK banking licence on March 11 after a 20-month mobilisation — and then confirmed its proposed GBP stablecoin would not be issued from the new banking entity. Bank of England rules prohibit a UK bank and its affiliated group from issuing stablecoins across different subsidiaries, so issuance falls back to Revolut Ltd, the e-money entity. That structural wrinkle is the smaller of Revolut's UK regulatory headaches. At the House of Lords on March 25, Head of UK Policy Rory Tanner told peers the UK is 'already behind' the US and EU — and flagged the BoE's proposed ban on 'branded' stablecoins as a commercial blocker (the issuer couldn't put its own name on the token). Priority use case per Tanner: the UK→India remittance corridor, the seventh-largest in the world, not retail payments. The FCA sandbox cohort Revolut joined on Feb 25 is testing phase only; the full UK authorisation regime doesn't activate until October 2027, and the BoE's proposed 40% unremunerated-reserve requirement plus £20,000 individual-holder cap describe a commercial model that UK legal analysts call structurally unviable. Revolut's real asset isn't the token — it's 13 million UK users who already open the app daily, with the bank-style custody and redemption stack the issuer plans to bolt on top. Whether that distribution survives the BoE rulebook is the actual question.

Tori trUSD

trUSD

Tori Finance's soft-launched synthetic dollar copying Ethena's delta-neutral playbook, with TBA contracts and a controlled beta marketed as launch. 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 (basis trade arbitrage, calendar spreads, hedged money markets) capturing funding rate on perpetual hedges, 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 as an attestation layer, 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.

HSBC HKD Stablecoin

HKD-HSBC

HSBC's HKMA-licensed HKD stablecoin (pre-launch, H2 2026) leveraging 3.3M PayMe users as its distribution moat. HSBC's HKD stablecoin is the second HKMA-licensed entry and the one with the distribution advantage that matters: 3.3 million PayMe users who already use the app for peer-to-peer payments and won't need to download anything new. The integration into HSBC's HK App for tokenized investment subscriptions hints at the actual product thesis — not a standalone stablecoin for DeFi, but a settlement layer for HSBC's own digital asset products. H2 2026 is the target, the reserves will be HKD-denominated high-quality liquid assets in segregated accounts per HKMA rules, and the symbol hasn't even been confirmed yet. The interesting tension: HSBC is building a stablecoin specifically to avoid depending on anyone else's stablecoin, which is either strategic autonomy or institutional NIH syndrome depending on your perspective. Expect institutional custody, HKMA-mandated attestation, and redemption routed through PayMe and the HSBC HK app.

B3 BRL Stablecoin

BRL-B3

BRL-B3 is a pre-launch Brazilian real settlement stablecoin from B3, Latin America's largest stock exchange, designed for its tokenized real-world-asset trading platform. When Latin America's largest stock exchange decides it needs its own stablecoin for tokenized asset settlement, the signal is less about crypto adoption and more about what traditional financial infrastructure considers table stakes in 2026. B3's BRL stablecoin — now branded B3RL — fills the gap left by Brazil's Drex CBDC narrowing its scope: the central bank's digital currency was meant to handle settlement, but as that project slowed, B3 decided to build the plumbing itself, backed by cash and government bonds inside its own clearing infrastructure. At its May 2026 Tokenization Day the exchange confirmed the target had slipped from H1 to H2 2026, and that the first phase is a blockchain replica of its depository database — direct on-chain trading will have to wait. The question was never whether B3 can issue a BRL stablecoin — it clears trillions annually — but whether Brazil's regulators will let a stock exchange run the settlement rails the central bank once reserved for itself.

RD Technologies HKDR

HKDR

Pre-launch HKD stablecoin from RD Technologies; in HKMA sandbox but missed the April 2026 first licence cohort. HKDR is the HKD stablecoin from RD Technologies, a Hong Kong fintech founded by former HKMA chief executive Norman Chan. Its subsidiary RD InnoTech was in the first July 2024 cohort admitted to the HKMA stablecoin issuer sandbox — testing digital-asset trading rails and cross-border trade payments — and the firm has been positioning for licensing under the Stablecoins Ordinance that took effect August 1 2025. On 2026-04-10 the HKMA gazetted the first stablecoin issuer licences (FRS01 and FRS02) to Anchorpoint and HSBC, with RD InnoTech absent from that cohort. RD remains a credible later-license contender — a recent Series A2 round and a memorandum of understanding with ZA Bank both point to a serious operational build-out — but the regulatory window has shifted to a slower queue. The entry remains pre-launch until licence issuance is confirmed. The eventual product still routes through HKMA-mandated attestation, segregated custody, and a regulated redemption window.

Gyndore

gynUSD

gynUSD is a pre-launch CDP stablecoin built around a single, blunt proposition: cbBTC is the only collateral. By focusing exclusively on Bitcoin through Coinbase's wrapper, Gyndore sidesteps the generalized risk models that force multi-asset lending markets into conservative LTV ratios — and then passes the capital efficiency benefit directly to borrowers, with a 110% minimum collateralization ratio enabling up to 90.91% LTV. Seventy percent of borrow fees flow to Stability Pool depositors, removing the idle-liquidity drag that burdens pool-based lending markets. The governance story has two possible endings depending on launch conditions: the protocol can either start with a bootstrapping admin key and transition to GYND token governance once the fee switch triggers, or mint GYND from day one if pre-launch capital formation is sufficient. The Pareto Controller constrains GYND voters to ±10bps rate adjustments and requires 80% consensus — governance that behaves more like a thermostat than a parliament. The cbBTC dependency is the structural asterisk: Coinbase custody sits at the base of every loan, so the trust-minimized pitch has a ceiling.

GEL₮ is Tether's pre-launch Georgian Lari stablecoin, announced in May 2026 alongside the Government of Georgia and framed — by Tether — as the country's 'official' stablecoin. The framing is the story: a sovereign government handing its national currency's digital rails to the world's largest stablecoin issuer, while the National Bank of Georgia runs its own separate digital-lari pilot. The legal scaffolding is real — NBG Order No. 52/04 lets licensed issuers mint Lari-pegged tokens under 100% reserves, full redemption rights, and a GEL 500,000 capital floor, deliberately built for compatibility with the US GENIUS Act — but everything that matters for an assessment is still blank: no chains, no contracts, no reserve attestation, no named custodian, no launch date. With prime-minister and central-bank endorsements but a non-USD peg Pharos doesn't yet price, this is a flag planted on a map rather than a token you can hold. Whether 'official' means anything more than a sharper logo on a 1:1 Tether liability is the question the missing disclosures will eventually answer.