Pharos
Chart your route through the stablecoin market — live peg, safety, liquidity, and dependency signals on every tracked coin.
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Watchlist · Pre-launch
25 coins to watch before they ship
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US Dollar Payment Token
USDPT
On the Q1 2026 earnings call (Apr 24), CEO Devin McGranahan confirmed what the seven-month buildout had been…
Expected May 2026
USDPTMay 2026
Base Dollar
BD
Base Dollar takes Liquity V2's battle-tested CDP architecture and replants it on Base with a twist: instead of ETH…
Expected Q2 2026
BDQ2 2026
JPYSC
JPYSC
JPYSC is the first JPY stablecoin issued through Japan's trust bank framework rather than under JPYC's prepaid payment…
Expected Q2 2026
JPYSCQ2 2026HKDAP
HKDAP
HKDAP is what happens when Standard Chartered, Hong Kong's largest telco (HKT), and Animoca Brands form a joint…
Expected Q2 2026
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…
Expected Sep 2026
ROUGHRIDERSep 2026
Fiserv USD
FIUSD
Fiserv processes $2 trillion in payments annually for 6,000+ financial institutions and wants to make stablecoins just…
Expected 2026
FIUSD2026
Qivalis Euro
QEUR
Qivalis is the European banking establishment's answer to USDC and Tether: a MiCA-compliant euro stablecoin backed by…
Expected Q4 2026
QEURQ4 2026US Dollar Payment Token
USDPTOn the Q1 2026 earnings call (Apr 24), CEO Devin McGranahan confirmed what the seven-month buildout had been telegraphing: USDPT launches in May, and the first product is not a consumer wallet — it's an alternative to SWIFT for Western Union's own interbank settlement. The Digital Asset Network went live four days later with its first partner, with seven more activations queued before year-end and a USD Stable Card targeting inflationary markets later in 2026. The plumbing is unchanged from October — Anchorage Digital Bank issues, U.S. Bank custodies the reserves, the token lives on Solana — but the framing has tightened: this is float-revenue capture and back-office disintermediation first, retail second. Western Union still has 360,000 payout locations across 200+ countries, which is the actual distribution moat that no DeFi-native stablecoin can replicate. The CoinGecko preview listing remains zero-supply pending mainnet, which is the last technical signal worth watching before promotion. McGranahan's quote — 'It is no longer a question of if Western Union will be active in digital assets; it is now how fast we can scale' — reads like a business-school case study line, but in this case the launch date now matches.
Expected May 2026
Base Dollar
BDBase 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.
Expected Q2 2026
JPYSC
JPYSCJPYSC 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.
Expected Q2 2026
HKDAP
HKDAPHKDAP 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. The HKD peg is backed by high-quality liquid assets in segregated accounts, which is 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. 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 nobody has answered yet.
Expected Q2 2026
Roughrider Coin
ROUGHRIDERNorth 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.
Expected Sep 2026
Fiserv USD
FIUSDFiserv 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.
Expected 2026
Qivalis Euro
QEURQivalis 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.
Expected Q4 2026
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Stablecoin Market Structure
Pharos tracks 332 stablecoins across 26 peg currencies with honest governance classification: 159 CeFi, 144 CeFi-Dependent, and 29 DeFi. Use the dashboard for live market ranking, then drill into peg stress, safety, liquidity, blacklist risk, flows, and dead-coin history on the specialist routes. Core market data refreshes every 15 minutes; slower diagnostics run on their own cadences.