Upcoming Stablecoins

USTX

USTX

tx announced USTX on September 23, 2026 as a native settlement asset for tokenized stocks, ETFs and other real-world assets. Brale is the announced issuer, with full 1:1 backing and an October 2026 launch window. Exact deployments, reserve allocation and holder redemption terms have not been established. Brale supports administrative token restrictions generally, but the controls enabled for USTX remain unverified. The record stays pre-launch until the native asset and an identity-bound price and circulating-supply path can be verified.

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.

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 wants to make stablecoins just another rail in the infrastructure it already runs for roughly 10,000 financial institution clients and six million merchant locations, so 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 slipped, CEO Mike Lyons said at June's Bernstein conference, "FIUSD goes live in July." July has now come and gone without a public launch confirmation, leaving Pharos still tracking the token as pre-launch. The interbank settlement pilot with Huntington and Bank of North Dakota remains the opening act, with the white-labeled Roughrider Coin queued behind it. The real test is whether four fintech giants can ship on one timeline.

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 puts at least 40% in bank deposits and the remainder in short-term euro-area government bonds spread across EU countries. It 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. This is 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.

KlarnaUSD

KLARNAUSD

Klarna's planned USD stablecoin runs on Tempo through Stripe Bridge Open Issuance, but it remains testnet-only with mainnet timing undecided. Klarna, the Swedish fintech with 114 million customers and $112B in annual GMV, is building the coin through Stripe's Bridge infrastructure on the Tempo L1. Tempo mainnet went live on March 18, 2026 with sub-second finality and fees under $0.001, and its Machine Payments Protocol, co-authored with Stripe, targets autonomous AI agent payments, yet KlarnaUSD was absent from a mainnet launch partners list that included Anthropic, Mastercard, Visa, and Revolut. The regulatory basis is firmer than the timeline: Bridge's conditional OCC national bank trust charter, approved in February, supplies regulated custody and an attestation framework, while the redemption window is scoped to Klarna's settlement flows rather than open DeFi liquidity. KlarnaUSD remains on Tempo's testnet: Klarna's Q1 and Q2 2026 earnings calls did not mention it, it is absent from Bridge Open Issuance's live issuer list, and the November 2025 announcement remains the only official word.

HKDAP

HKDAP

The first HKMA-licensed HKD stablecoin under the Stablecoins Ordinance, live since August 12 2026 in an institution-only beta. The distributor bench widened fast after launch: OSL and HashKey were joined within two weeks by Standard Chartered as the first bank distributor, then Finloop, Yunfeng Financial, and a Bank of East Asia memorandum, and Payment Asia settled logistics and hospitality invoices through OSL in mid-September. The measurable float roughly doubled in the month to September 27, from about 527,000 to 1,006,890 HKDAP across ten holder addresses, still under US$130,000, and still with no price field on DefiLlama, which keeps the coin outside runtime coverage. The August 14 BlockSec review of the deployed contract stands unrebutted: the KYC proof argument is discarded, so any proof including an empty string passes, a single key can mint, burn, pause, or freeze with no timelocks, and build artifacts point to a pre-production deployment. The regulator vetted the issuer, not the bytecode, and that gap is the durable constraint on every licensed HKD token that ships this way.

HSBC HKD Stablecoin

HKD-HSBC

HSBC's HKD stablecoin is the second HKMA-licensed entry, pre-launch with an H2 2026 target, 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 points to the actual product thesis. HSBC is building a settlement layer for its own digital asset products, with standalone DeFi as a secondary use case. The reserves will be HKD-denominated high-quality liquid assets in segregated custody accounts per HKMA rules with HKMA-mandated attestation and redemption routed through PayMe and the HSBC HK app, 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.

OKRW

OKRW

OKRW is the pre-launch native KRW stablecoin of Maroo, the Layer 1 that Hashed Open Finance built specifically 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.

Flipcash USDF

USDF

Flipcash's 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 test case, 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, so its backing is only as good as Circle's reserve stack. Governance is centralized-dependent because the token's existence depends on Coinbase continuing to operate the platform. USDF went live on Solana in May 2026 with Coinbase Onramp fiat access, but as of July 2026 it remained in Coinbase-exchange operational-only backend testing with no trading, deposits, or withdrawals, no public Solana mint address, and no DefiLlama or CoinGecko listing under the Flipcash identity, so it cannot yet enter Pharos runtime data. Whether the market needs branded USDC wrappers or whether this is a new distribution channel for Circle's existing product stays open; until a public supply surface exists, USDF is a platform demonstration.

BDACS KRW1

KRW1

KRW1 is BDACS's won stablecoin, held as a proof of concept by Pharos since its September 2025 Avalanche pilot with Woori Bank as reserve custodian. September compressed the gap between the issuer's claims and the chain. BDACS partnered with Rain to make KRW1 spendable across Visa's card network, joined Circle's Arc mainnet at launch as the only won stablecoin, and selected Fireblocks for institutional custody. On September 16 the Seoul Economic Daily reported that BDACS's own 2026 whitepaper describes KRW1 as a commercial product actually in operation under its existing virtual-asset-service-provider filing, drawing criticism for conflating a filing with issuer status under a law that has not passed; BDACS said it would review the wording. The Digital Asset Basic Act slipped again when its September public hearing was cancelled over a delayed government bill. On-chain, about 141.8 million KRW1 circulated in mid-September, roughly US$97,000, and that is the durable fact: distribution partnerships are arriving faster than either the law or the float.

EURR is live, and Pharos tracks it pre-launch anyway. Revolut launched it on August 26 2026 as the first product of a stablecoin programme long assumed to be arriving in dollars or sterling, phased into Denmark, Poland, and Portugal with the rest of the EEA promised later in the year. The structural surprise is the issuer: Bridge Building S.A., the Luxembourg arm of Stripe-owned Bridge, holds the EMI licence and MiCA authorisation from the CSSF, while Revolut Digital Assets Europe distributes under its CySEC permission. Europe's biggest neobank built the distribution and outsourced the balance sheet. EURR also arrived as Revolut finished pulling Tether's USDt from European retail on August 31, so the euro rail it removed and the euro rail it added are the same shelf. Supply went from a few hundred tokens at launch to more than a million within two weeks, then stalled at about 1.67 million EURR through mid-September; the Polygon deployment holds three tokens. Bridge's reserve page is the first disclosure of what stands behind the token: reserves equal to supply, held entirely as cash deposits at credit institutions, redeemable at par to an EEA IBAN within two business days. Custodian names and an independent attestation remain unpublished, and no accepted price source resolves the token, which is why it sits here rather than in the tracked set. A stablecoin distributed by a bank, issued by a payments company, and priced by nobody is a fair snapshot of where regulated euro tokens currently are.

iM Bank KRW Stablecoin

KRW-iM

iM Bank's KRW stablecoin proof-of-concept on Kaia is symbolic of a regulatory thaw rather than a commercial product, and it 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. 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 with a small float (under 150 tGLD across a few dozen holders in mid-September 2026, roughly triple June's figure), its only public market a near-dormant Uniswap V4 pool and no independent proof-of-reserves attestation, which the docs still describe as coming soon. In May 2026 Tenbin retired LayerZero and moved tGLD's cross-chain messaging to Chainlink CCIP, and in August it published a second audit round from Zellic and Verilog with remediation notes; a staked yield variant (stGLD) and the FX siblings tBRL and tMXN, now on Ethereum mainnet, round out the line-up. Pharos lists tGLD as pre-launch until its public price feed updates frequently enough to clear the gold pricing-freshness gate.

EJPY

EJPY

EJPY is Japan Blockchain Foundation's pre-launch yen stablecoin, and its whole pitch is a legal classification: a trust-type Type III electronic payment instrument that escapes the ¥1M-per-transaction ceiling JPYC has spent years working around. JBFD, the consortium operator behind Japan Open Chain, would be the settlor, with reserves parked in a licensed trust bank that, as of the May 2026 announcement, it is still negotiating with and has not named. That gap is the tell: trust-segregated custody and statutory redemption rights are the entire value proposition, yet the trustee, the reserve mix, and the launch date are all blank. The plan is to issue on Japan Open Chain first and Ethereum next, sometime within fiscal 2026 (which runs through March 2027), aimed squarely at B2B settlement rather than retail DeFi. EJPY is a credible institutional play in a market suddenly crowded with yen-stablecoin contenders. JPYSC, JPYC, and a megabank consortium all circle the same FSA framework. Right now, this is a decision to issue, not a token you can hold.

BILS

BILS

BILS is the first shekel stablecoin to clear an Israeli regulator, and unlike most entries on this list it is approved rather than merely announced; Bits of Gold spent two years in a sandbox before the Capital Market, Insurance and Savings Authority signed off in April 2026. The conditions are unusually concrete for a pre-launch asset: 1:1 New Israeli Shekel backing held in segregated bank accounts inside Israel (foreign custody explicitly barred), an Ernst & Young audit, Fireblocks issuance infrastructure, and QEDIT zero-knowledge privacy, all on Solana via token extensions. Reach is limited: the regulator required a deliberately gradual, small-scale rollout, and Bits of Gold announced in July 2026 that the pilot was complete and BILS was moving to wide distribution, with roughly 100,000 BILS minted on Solana by early August. That throttled debut, plus a peg Pharos doesn't yet price (tracked as OTHER until shekel support lands), is exactly why it sits in pre-launch rather than the live table. Note the regulatory lane: the approval is under the CMISA rulebook, while the broader Israeli Stablecoin Law is still stuck in draft. A real, audited, regulator-blessed shekel, just not one you can buy in size yet.

RAI Dollar

RD

RAI proved a stablecoin could be steered by an on-chain controller rather than a committee, and the market followed the redemption price faithfully; that price was not a dollar, and most of the market could not get past it. RAI Dollar keeps the machinery and pins the target. RD is an immutable CDP stablecoin on Ethereum where a PI controller reads a 24-hour TWAP of the market price and moves one system-wide borrow rate, bounded to 0.25-50% APY around a 2% bias, until supply and demand pull the price back to $1, with Liquity's redemption arbitrage as the floor. The par lever RAI made famous survives, bounded to $0.75-$1.30 and moving no faster than a tenth of a cent an hour, held for the extremes rather than left to float. Collateral sits in eight isolated branches: WETH, wstETH, rETH, weETH, WBTC, tBTC, sUSDS, and PAXG, each with its own troves, stability pool, and shutdown path. The question Liquity V2 left open is answered by routing a slice of healthy-branch fees to repair an undercollateralized branch rather than convening a vote. Borrowers who dislike the redemption queue can pay a floating Redemption Shield surcharge that funds a matching discount for everyone who does not. All of it is still theoretical: no contracts are deployed, the address registry reads TBD, the core repository is private, and the audits, part-funded by an August 2026 Ethereum Foundation subsidy, are still in progress. Immutability cuts both ways, and whatever ships is what runs, permanently.

On September 1 2026 twenty-one financial institutions led by Bank of America, Citi, Goldman Sachs, Deutsche Bank, Santander, and UBS announced they will found a joint company, name to be announced, to issue a dollar stablecoin spanning wholesale, institutional, and retail payments, with a euro token as the next priority. The company is to be established in H2 2026, subject to closing conditions, with market entry targeted for H1 2027 and GENIUS Act and MiCA compliance intended where applicable. The commitment extends exploration that began with ten banks in October 2025 around a 1:1 reserve-backed digital money for public blockchains. Everything Pharos measures is still absent: no company name, ticker, chain, contracts, reserve composition, custodian, or attestation. Until those land, this entry records intent by named institutions rather than a measurable issuer.

Revolut GBP Stablecoin

RGBP

Revolut's pre-launch UK GBP stablecoin remains sandbox-only, and the Bank of England rules once called structurally unviable have been substantially softened. Revolut got its full UK banking licence in March 2026 after a 20-month mobilisation. It then confirmed its proposed GBP stablecoin would not be issued from the new banking entity, since BoE rules constrain issuing stablecoins across affiliated subsidiaries; issuance falls back to Revolut Ltd, the e-money arm. The regulatory weather has since turned: the BoE's June 2026 final policy statement scrapped the proposed £20,000 individual holding cap in favour of a temporary per-coin issuance ceiling of roughly £40bn, and lifted the share of reserves allowed in yield-bearing short-dated UK T-bills from 60% to 70%. This change retreated from exactly the provisions legal analysts had called commercially fatal. What survives is still austere: the remaining 30% sits unremunerated at the Bank, holders receive no yield, par redemption within 24 hours is mandatory, and the timeline runs through rules finalised by end-2026, regulated sterling coins from 2027, and full UK authorisation only in October 2027. The priority use case, per Revolut's House of Lords testimony, remains the UK→India remittance corridor, the world's seventh-largest, rather than retail payments. Revolut's real asset is its millions of UK users who already open the app daily, with bank-style custody and redemption bolted on top. The BoE no longer says the product cannot work; until its rules are final at end-2026, the sandbox is the only place the product exists.

B3 BRL Stablecoin

BRL-B3

BRL-B3 is the pre-launch real settlement stablecoin from B3, Latin America's largest stock exchange, built for its tokenized real-world-asset platform. B3RL is confirmed for Polygon and backed mainly by cash and Tesouro Nacional securities, with infrastructure testing under way since the second-quarter results. The launch has slipped twice. The first-half 2026 window from May's Tokenization Day passed, the August-to-September window that B3's own director named at Expert XP passed with no deployment, and at B3 Week on September 15 the company framed readiness for new use cases, including tokenized collateral, for the start of 2027. Pharos moved the expected launch to 2027 on September 27. The tokenized-share registry follows in early 2027, so the coin and the asset platform are now on the same clock. The durable constraint is sequencing: B3RL exists to settle tokenized instruments that do not yet trade on B3 rails, and every slip in the coin pushes the platform with it.

Revolut USD Stablecoin

RUSD

Revolut's USD stablecoin is still unannounced, and the August 2026 launch of its euro sibling made the shape of any dollar token considerably clearer, mostly by invalidating the assumption everyone was working from. The legal substrate looked settled: a MiCA CASP licence from CySEC in October 2025, plus Revolut's Bank-of-Lithuania EMI supplying the e-money-token issuer foundation MiCA Title IV requires. Then Revolut shipped EURR on August 26 and the issuer of record turned out to be Bridge Building S.A., the Luxembourg entity of Stripe-owned Bridge, under a CSSF licence, with Revolut Digital Assets Europe merely distributing. Revolut, holding every licence it needed to issue in-house, chose to rent the issuance instead. That reframes RUSD: the nearest live precedent for a Revolut dollar is a third-party regulated-issuer relationship, which trades balance-sheet control and reserve-disclosure ownership for speed to market. The US path now has a regulatory document behind it: on September 2 2026 the OCC conditionally approved Revolut Bank US, N.A., with opening targeted for the first half of 2027, and the decision records that the bank will offer Revolut-branded stablecoins through a third party, will not be the issuer, and will not manage reserves. That is the EURR template written into a charter, and why Pharos now carries 2027 as the expected launch. Ticker, chain, issuer entity, and reserve and custody disclosure model for a USD token all remain unannounced, with redemption rights sitting behind whichever issuer Revolut rents next.

Japan's three largest banks said on June 10 2026 that they will jointly issue a yen stablecoin under a trust agreement, with MUFG, Mizuho, and SMBC as joint settlors and an unnamed trust bank or similar institution as trustee, and they aim to begin actual commercial transactions during fiscal year 2026, which ends in March 2027. A memorandum of understanding establishes a voluntary council to work through issuance infrastructure, schemes, and governance, building on a demonstration experiment selected in November 2025 for the Financial Services Agency's FinTech Proof-of-Concept Hub. Nikkei reported the token would start yen-denominated on MUFG's Progmat platform with a dollar version to follow, though the banks' own release names neither denomination nor platform. No ticker, chain, trustee, or reserve composition is public. The durable constraint is concentration: joint issuance rests on three systemically important banks and a trustee not yet chosen.

Polaris USDp

USDp

USDp (formerly pUSD) is Polaris Finance's pre-launch Liquity-style immutable CDP stablecoin on Ethereum, built by co-founders TokenBrice and 0xLuude as what they call the successor to Liquity's ethos: immutable core contracts, no admin keys, and no off-chain assets. USDp 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 public testnet is live on Sepolia with audits still ahead and no mainnet date set, since the team says it prioritises security over speed, which leaves it 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, USDp is a deliberate bet that there's still demand for the Liquity V1 philosophy, upgraded.

Polaris GOLDp

GOLDp

GOLDp (formerly pGOLD) is a pre-launch synthetic gold exposure that shares infrastructure with its sibling USDp but pegs to gold rather than the dollar, with no physical backing and the protocol risk that comes with a decentralized design. Unlike XAUT or PAXG, which tokenize actual bars in Swiss vaults, GOLDp is 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.

ReStabilise reGBP

reGBP

ReStabilise proposes reGBP as an institutional sterling token backed 1:1 by high-quality liquid assets held on trust for holders. Its issuer page promises par redemption by any holder on a T+1 basis and invites partnerships, pilots and early access. The FCA selected ReStabilise for stablecoin sandbox testing in February 2026, without granting final issuance authorization through that selection. Production chains, contracts and circulation are not publicly verified. The proposed trust and settlement commitments still need published legal terms, custody evidence and an operating redemption route.

VVTX GBP stablecoin

GBP-VVTX

VVTX Limited proposes a fully reserved, 1:1 GBP stablecoin alongside a custodial wallet and planned debit card on a proprietary UK Layer-1. The FCA selected VVTX for stablecoin sandbox testing in February 2026, and the issuer continues to invite a waitlist. GBP-VVTX is Pharos's descriptive display label because no official token ticker is published. Technical chain identifiers, production contracts and direct holder-redemption terms are undisclosed. Neither card spending nor sandbox selection proves public token circulation, final authorization or an executable par exit.

Bridge USDB

USDB

Bridge's USDB is Stripe's stablecoin rail, with reserves in cash and BlackRock MMFs under a conditional OCC trust charter and distribution embedded in Stripe's payment flow, so most people who touch it will never know they are using it. Bridge, Stripe's stablecoin subsidiary, 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, with institutional custody behind the reserves. Stripe can embed stablecoin settlement into existing payment flows without asking permission from anyone downstream, and Bridge Open Issuance now also mints branded dollars for MoneyGram and Deel. Pharos holds USDB at pre-launch until a verified runtime price and circulating-supply source exists; the DefiLlama rows carrying the USDB ticker today belong to Blast USDB and FantOHM.

ARC

ARC

ARC is India's first attempt at a regulated rupee stablecoin, built by Anq with Polygon's backing and designed for a 1:1 INR peg backed by cash, fixed deposits, and Indian government securities. Its stated purpose is to stem the USD liquidity outflow that India's regulators have been panicking about since USDT volumes on Indian exchanges started dwarfing domestic payment rail throughput. It 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. The tentative January 2026 debut passed with no RBI confirmation and no live supply, and in July 2026 the RBI told a Parliamentary Standing Committee it favours barring banks and regulated entities from private stablecoins, rupee-backed ones included. 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.

RD Technologies HKDR

HKDR

HKDR is the pre-launch HKD stablecoin from RD Technologies, a Hong Kong fintech founded by former HKMA chief executive Norman Chan, in the HKMA sandbox since 2024 but absent from the April 2026 first licence cohort. Its subsidiary RD InnoTech was in the first July 2024 cohort admitted to the HKMA stablecoin issuer sandbox, where it tested digital-asset trading rails and cross-border trade payments; the firm has been positioning for licensing under the Stablecoins Ordinance that took effect August 1 2025. On April 10 2026 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 $40M Series A2 round in July 2025 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: in June 2026 the HKMA said the remaining applications stay under review with no timetable for further grants. 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.

BRD Stablecoin

BRD

BRD is a Brazilian real 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, around 15% at announcement, 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, BBRL, 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.

Aplauz WEUR

WEUR

Aplauz NL B.V. publishes WEUR as a euro e-money token with reserve assets safeguarded through a separate Dutch foundation. The whitepaper grants every holder par redemption after compliance checks and says EUR dispatch should generally occur within five business days of token receipt. ESMA lists the exact issuer and token, but notification does not approve the whitepaper or prove circulation. Public onboarding marketing conflicts with the amended whitepaper's statement that WEUR has not launched. Pharos retains a pre-launch record because production identity and circulation remain unverified.

Quantoz PLNQ

PLNQ

Quantoz Payments has deployed PLNQ on Ethereum, but its published token roster says no PLNQ is circulating and no reserve exists yet. A pinned Ethereum read confirms six decimals and zero total supply, while the exact-contract price endpoint returns no quote. The whitepaper proposes 1:1 Polish złoty reserves safeguarded through Stichting Quantoz and par redemption for eligible registered holders after compliance checks. Polygon, Algorand, XRP Ledger and Xahau remain planned networks without verified production identities. Deployment and MiCA issuer registration do not establish an executable market or an operating holder exit.

CZKC Czech Koruna

CZKC

CZKC a.s. describes a Czech koruna token fully backed by CZK reserves, with rCZKC representing those reserves on-chain. The developer book offers testnet guidance and plans Ethereum, Arbitrum and Gnosis, but leaves production entrypoints and implementations unpublished. CzechInvest named CZKC in its February 2026 sandbox testing cohort; that selection is not MiCA authorization. Pharos records the project as pre-launch without inventing an announcement or launch date. Production identity, binding redemption terms and independent reserve assurance remain unresolved.

Itau Unibanco BRL Stablecoin

BRL-ITAU

Itau Unibanco, Brazil's largest private bank by assets, confirmed in April 2025 that it is evaluating its own stablecoin, with peg currency and design pending BCB regulation; Head of Digital Assets Guto Antunes told 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.

KB Kookmin KRW stablecoin

KRW-KB

KB Financial Group announced on May 17, 2026 that it had completed an integrated won-stablecoin proof of concept with KG Inicis, Kaia and OpenAsset. The pilot connected issuance, Hollys offline QR payments, merchant settlement and remittance to a Vietnam bank account, with Kaia identifying KB Kookmin as the bank participant. KB plans actual services for implementation of Korean digital-asset legislation, without an announced launch date. The final legal issuer, official ticker, token-specific reserves and public-holder redemption terms remain unpublished; KRW-KB is an editorial display label.

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. It 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. This governance 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. 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.

Theo thGOLD

THGOLD

thGOLD is Theo's announced yield-bearing tokenized gold product, introduced on 27 January 2026. It is designed to track the MG999 Onchain Gold Fund, a bankruptcy-remote Singapore sub-fund managed by FundBridge Capital with Libeara (Standard Chartered) tokenization, which lends gold to retailers such as Mustafa against inventory security and a 20% first-loss buffer, targeting roughly 2% annual yield. The lending fund is already operational and backs thUSD's gold carry strategy, but the token itself has no published contract, redemption path, or launch date: the product page runs a waitlist for institutional partners and accredited investors, and the documentation is marked as undergoing updates. Pharos tracks thGOLD as pre-launch and will re-review the design and controls when a contract deploys.

RAKBank AED Stablecoin

AED-RAKBANK

AED-RAKBANK is RAKBank's pre-launch dirham stablecoin, notable less for what it is than for who is issuing it: the first conventional commercial bank to win CBUAE in-principle approval for an AED payment token, as opposed to the digital-bank and sovereign-wealth vehicles (Zand AED, AE Coin, the FAB/ADQ/IHC effort) that got there first. The January 2026 nod arrives under the UAE's Payment Token Services Regulation, which permits payment use only for dirham-backed tokens and demands a published white paper plus full reserves. RAKBank's plan ticks the regulatory boxes: it calls for 1:1 dirhams in segregated regulated accounts, full par redemption, audited contracts, and real-time reserve attestation. However, 'in-principle' is doing heavy lifting: no ticker, no chain, no issuing subsidiary, and no launch date have been disclosed, and the regulation may force RAKBank into a separate licensed issuer it hasn't confirmed. A pilot is promised 'in due course,' which in regulatory dialect means watch this space.

Kerne USD

kUSD

kUSD is Kerne Protocol's Base-native synthetic dollar. A first external audit from Hexens landed in late July with zero criticals and every finding confined to the yield vault. The audit followed a patched Peg Stability Module cutover that opened permissionless 1:1 USDC minting. Circulating supply remains at genesis scale. DefiLlama indexes the supply with no usable price, and CoinGecko still does not resolve the coin, so Pharos keeps it on the upcoming tracker. The live KerneVault still runs pre-audit bytecode with deposits closed until the remediated version deploys, so the audited code and the deployed code are not yet the same thing. Current backing is USDC in the PSM contracts, covering outstanding kUSD slightly above 1:1. The ambitious delta-neutral design, using a WETH vault and Hyperliquid short, remains degraded and excluded from reserves. Since August 6, kUSD role administration and PSM configuration sit behind a 48-hour timelock whose sole proposer and executor is a 2-of-3 Safe, and hourly signed proof-of-reserves is published at kerne.fi/verify. The durable constraint is distribution: the protocol keeps shipping before users arrive.

NET Dollar

NET

Cloudflare announced NET Dollar on September 25, 2025 for automated payments by agents, developers and creators. Its product FAQ promises one U.S. dollar of collateral per coin and still describes availability as forthcoming. CoinGecko identifies the product as net-dollar with symbol NET, but supplies no current price, market cap or deployment. The legal issuer, custody arrangements and NET-specific redemption and freeze terms remain undisclosed. No dated launch window is established.

VersaBank Real Bank Deposit Token USD

USDVB

VersaBank USA announced an internal USDVB pilot on August 26, 2025, with limited designated external partner and client testing planned. Each USDVB represents one U.S. dollar deposited with the bank, with issuance and redemption through VersaVault. This exposes holders to a bank deposit rather than a separately segregated stablecoin reserve trust. The September 2026 filing still seeks regulatory confirmation of deposit-insurance eligibility and the ability to pay interest. Commercial launch, ordinary external-holder rights and official deployments must be established before active admission.

Alpen Bitcoin Dollar

BTD

Alpen announced Bitcoin Dollar in May 2025 as a BTC-only, overcollateralized debt token built from Liquity V2 for its Bitcoin ZK rollup. The January 2026 recap describes the intended flow: deposit BTC, choose an interest rate and mint BTD. Immutable code and no governance remain stated design goals, with BTC/USD oracle providers intended to be fixed at deployment. No exact BTD production contract, executable redemption route or deployed liquidation and backstop evidence is established. Alpen platform testnets and infrastructure audits do not establish a BTD token launch or audit.

JPYdf

JPYdf

DeltaForesight announced JPYdf on September 25, 2026 as a yen-targeted token for borrowing against cryptoassets and stablecoins in the JPY DeFi protocol. The planned design uses overcollateralized smart-contract issuance and liquidation, while explicitly providing no yen monetary claim or yen redemption right. A September 29 roadmap announcement adds plans for related Fusion by IPOR vaults after mainnet, with chains and strategies still undecided. Mainnet timing, eligible collateral, liquidation parameters and holder exit terms remain unpublished.