Pharos
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Watchlist · Pre-launch
11 coins to watch before they ship
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US Dollar Payment Token
USDPT
Western Union moves $200B+ in cross-border remittances annually and has decided the next leg of that journey runs…
Expected Q2 2026
USDPTQ2 2026
Tangent USD
USG
Tangent Finance — which pivoted from the Convergence protocol after an August 2024 exploit — is building USG as an…
Expected Q2 2026
USGQ2 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
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
FIUSD2026Qivalis Euro
QEUR
Qivalis is the European banking establishment's answer to USDC and Tether: a MiCA-compliant euro stablecoin backed by…
Expected Q4 2026
Polaris USD
pUSD
Polaris Finance is building what its co-founders TokenBrice and 0xLuude call the successor to Liquity's ethos: a…
Expected Q4 2026
pUSDQ4 2026US Dollar Payment Token
USDPTWestern 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.
Expected Q2 2026
Tangent USD
USGTangent 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.
Expected Q2 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
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
Polaris USD
pUSDPolaris 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.
Expected Q4 2026
Core Monitoring
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Distribution and market structure
Cohort mix, total market-cap regime changes, and non-USD peg growth.
Stablecoin Market Structure
Pharos tracks 204 stablecoins across 19 peg currencies with honest governance classification: 112 CeFi, 76 CeFi-Dependent, and 16 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.