Upcoming Stablecoins

BILS is the first shekel stablecoin to clear an Israeli regulator. Bits of Gold, a Tel Aviv crypto broker and custodian, spent two years in a sandbox before the Capital Market, Insurance and Savings Authority approved a limited launch on April 28, 2026. The approval conditions are concrete: 1:1 New Israeli Shekel backing in segregated bank accounts inside Israel with foreign custody excluded, an Ernst & Young audit, Fireblocks issuance infrastructure, and QEDIT zero-knowledge privacy, all on Solana via token extensions. The regulator also required a deliberately gradual, small-scale rollout. Bits of Gold announced in July 2026 that the pilot was complete and BILS was moving to wide distribution, but the on-chain record has not followed. The published Solana mint still held 100,000 BILS on November 1, 2026, unchanged since August 6. The issuer's transparency page shows the same 100K ILS in circulation and 105K ILS in reserves, with its Q3 2026 Ernst & Young report listed as pending. Pharos also tracks the peg as OTHER until shekel support exists, so BILS stays in pre-launch. The approval sits under the CMISA rulebook; Israel's broader Stablecoin Law is still in draft. Until the Ernst & Young report is published, the approval is better documented than the token.

Launching soonOther·RWA·CeFi·Announced Mar 2024·4 milestones

Klarna's planned USD stablecoin is built on Stripe's Bridge Open Issuance infrastructure for the Tempo L1, and it remains on Tempo's testnet. The November 2025 announcement targeted a mainnet launch in 2026 and cited a base of 114 million customers and $118 billion in annual GMV; no launch date has followed. Tempo's mainnet went live on March 18, 2026 with a Machine Payments Protocol aimed at AI-agent payments and launch partners including Anthropic, Mastercard, Visa and Revolut; Klarna was not among them. World Liberty Financial's USD1 became Tempo's first native stablecoin on May 8. The regulatory groundwork is further along than the product: Bridge received a conditional OCC national bank trust charter in February 2026 that would let it custody crypto assets, issue stablecoins and manage reserves as a federally regulated entity. Reserve composition, attestation and redemption terms remain unpublished pending mainnet. Since the announcement, Klarna's Q1 and Q2 2026 earnings, Stripe Sessions 2026 partner announcements and Bridge's live issuer list have all omitted KlarnaUSD.

TestnetUS Dollar·RWA·CeFi·Announced Nov 2025·7 milestones

OKRW is the planned Korean Won stablecoin of Maroo, the Layer 1 that Hashed Open Finance built specifically to host it, where it doubles as the network's native fee token. Maroo is presented as the first sovereign L1 purpose-built for KRW stablecoins, with a dual-track design: regulated activity passes pre-approval and compliance checks, while open-path activity stays permissionless. The testnet went live in May 2026 with OKRW as its native token, and mainnet is targeted before the end of 2026. The design specifies a KRW peg, but the issuer and reserve arrangements are not yet decided and no redemption terms are published, so there is nothing to score. The durable constraint is that the token's credibility will rest on reserve and redemption terms that are not yet public.

TestnetKorean Won·RWA·CeFi·Announced Jan 2026·2 milestones

Qivalis is a consortium of 37 banks across 15 countries preparing a euro stablecoin, and De Nederlandsche Bank granted it electronic money institution authorisation in October 2026. Its members include BNP Paribas, ING, UniCredit, BBVA, ABN Amro, Intesa Sanpaolo, Rabobank and Nordea, which makes this the euro banking sector's own bid for a MiCA electronic money token. The planned reserve puts at least 40% in bank deposits and the remainder in short-term euro-area sovereign bonds spread across EU countries, with 24/7 redemption promised. The stated plan is Ethereum first, using the Fireblocks ERC-20F standard with built-in allowlist and denylist controls and a permissioned KYC layer, then Polygon and Base; the September 2026 Ethereum confirmation came through secondary reports rather than a Qivalis press release. The licence clears the regulatory gate, but issuance still waits on the remaining MiCA requirements and a published white paper, and Qivalis has published neither a ticker nor a launch date. Until then, reserves, custody and redemption rights remain pre-launch commitments.

AnnouncedEuro·RWA·CeFi·Announced Sep 2025·13 milestones

RAI Dollar, from the Reflexer team behind RAI, keeps RAI's on-chain controller but pins the target at $1. RD is a pre-launch 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, while Liquity-style redemption at par less a fee sets the floor. A second lever adjusts the internal redemption price within a $0.75-$1.30 band, at no more than a tenth of a cent an hour, and only under sustained extreme deviation. Collateral sits in seven isolated branches: WETH, wstETH, rETH, weETH, WBTC, tBTC, and PAXG. Three are issuer-controlled tokens that can freeze addresses or be upgraded, and the documented response is to shut the affected branch down rather than freeze RD holders. Borrowers can pay a surcharge for Redemption Shield, which keeps their trove out of redemptions outside shutdown and gives unshielded troves on that branch a rate discount. Bad debt left after a shutdown is repaid from half of MOAI stakers' interest share, plus healthy branches' redemption fees and a 0.5% redemption surcharge, so MOAI stakers act as risk capital. None of it is deployed yet: 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. With no governance, admin keys or upgrade path, whatever configuration launches is permanent, so the pending audits carry the review burden.

AuditingUS Dollar·Crypto·DeFi·Announced Dec 2025·4 milestones

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.

AnnouncedUS Dollar·RWA·CeFi·Announced Sep 1, 2026·1 milestone

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. Brazilian press and B3's digital-assets director have named Polygon as its chain, and backing is planned to be mainly cash and Tesouro Nacional securities. B3's own second-quarter results note confirmed in August 2026 that infrastructure testing had begun. The launch has slipped repeatedly. A first-half 2026 window passed, the August-to-September window B3's 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. On October 8 a B3 executive went further: B3RL will not settle the first tokenized shares targeted for early 2027, and the settlement currency for those trades is still undecided between stablecoins, tokenized deposits and a possible Drex link. Pharos moved the launch phase back to testnet on October 18. The constraint has changed shape: B3RL no longer has a confirmed first job on B3's own platform, so its launch now depends on B3 choosing it over those alternatives.

TestnetBrazilian Real·RWA·CeFi·Announced Dec 2025·8 milestones

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 a 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. On October 16 2026 the banks reported a July trial of that model, selected in November 2025 for the Financial Services Agency's FinTech Proof-of-Concept Hub, with Mitsubishi UFJ Trust and Banking as trustee, an SMBC-provided blockchain built by TISI, and Mitsubishi Corporation cross-border payments as the test case. The trial design holds trust assets in bank deposits, sets no issuance cap, and limits circulation to users verified by the banks; the release calls that design provisional. Nikkei reported the token would start yen-denominated on MUFG's Progmat platform with a dollar version to follow, though the banks name neither a production platform nor a chain. No ticker, production trustee, or reserve composition is public. The durable constraint is concentration: joint issuance rests on three systemically important banks and a trust structure still being settled.

AnnouncedJapanese Yen·RWA·CeFi·Announced Jun 10, 2026·3 milestones

Revolut's EEA crypto terms of September 15 2026 name USDR, beside the live euro EURR, as one of two Revolut-branded e-money tokens. They make Bridge Building S.A., Stripe-owned Bridge's e-money institution in Luxembourg, the sole legal issuer, with exclusive financial liability for the reserves. Revolut Digital Assets Europe, authorised by CySEC, acts only as offeror. A holder's redemption right runs directly against Bridge, at par and free of charge. On September 2 2026 the OCC conditionally approved Revolut Bank US, N.A., with opening targeted for the first half of 2027. The decision records that the bank plans to offer Revolut-branded stablecoins through a third party, will not be the issuer, and will not manage reserves. Pharos moved the expected launch to 2027 on the strength of that timeline. Reserve composition, custodians and safeguarding arrangements for USDR are unpublished. ESMA's register listed a white paper for EURR but none for USDR on October 30 2026, and no USDR contract, chain or launch date had been published. Under Revolut's own terms, no Revolut e-money token is offered before its white paper is published.

AnnouncedUS Dollar·RWA·CeFi·Announced Oct 23, 2025·10 milestones

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.

AnnouncedUS Dollar·Crypto·DeFi·Announced May 8, 2025·4 milestones

Aplauz NL B.V., which trades as WSPN and belongs to the Worldwide Stablecoin Payment Network group through WSPN Fintech Dutch Holding B.V., publishes WEUR as a euro e-money token with reserve assets safeguarded through a separate Dutch foundation. The whitepaper names Ethereum and BNB Smart Chain as its initial networks. 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.

AnnouncedEuro·RWA·CeFi·Announced Jul 8, 2026·3 milestones

ARC is Anq's proposed Indian rupee stablecoin, built with Polygon and designed for a 1:1 peg backed by cash, fixed deposits and Indian government securities. A November 2025 CoinDesk report citing unnamed sources described it as India's first regulated INR token. The design keeps the token inside India's regulated payments perimeter: issuance runs through business accounts, transfers are whitelisted, and Uniswap v4 whitelisting carries the compliance check onto a public chain. It is pitched as a two-tier complement to the RBI's digital rupee and as a brake on USD liquidity outflow. The tentative January 2026 debut passed with no RBI confirmation and no live supply. In July 2026 the RBI told a Parliamentary Standing Committee that it favors barring banks and regulated entities from private stablecoins, rupee-backed ones included. With no source supporting a 2026 launch, Pharos removed the launch expectation in September 2026. The architecture is settled on paper; ARC's constraint is whether the RBI will let a private rupee stablecoin operate beside its CBDC.

AnnouncedIndian Rupee·RWA·CeFi·Announced Nov 2025·2 milestones

BRD is a Brazilian real stablecoin announced on January 6, 2026 by Tony Volpon, a former deputy governor of the Central Bank of Brazil, to be issued through his company CF Inovacao. The distinctive structural choice is yield: BRD is meant to be backed by Brazilian National Treasury bonds and to pass the Selic-linked return, around 15% at announcement, back to holders rather than keep it as issuer revenue. Volpon positioned it as the first BRL token to make that yield-sharing the core product, aimed at institutional investors, against a field that includes Crown's Paradigm-backed BRLV. The project has not moved past the announcement. As of September 2026 CF Inovacao's website listed no BRD product page and no source had given a launch timeline, so Pharos dropped its 2026 launch expectation. The regulatory backdrop has hardened since the announcement: Brazil's stablecoin framework took effect on February 2, 2026 as BCB Resolutions 519 to 521, and Resolution 561, effective October 1, 2026, bars authorised FX providers from settling cross-border remittances in stablecoins. Until CF Inovacao publishes documents and a deployment, BRD remains a stated design rather than a product.

AnnouncedBrazilian Real·RWA·CeFi·Announced Jan 6, 2026·3 milestones

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. CZKC was first presented publicly in June 2023, and no commercial launch date has been confirmed. Production identity, binding redemption terms and independent reserve assurance remain unresolved.

TestnetCzech Koruna·RWA·CeFi·Announced Jun 22, 2023·4 milestones

DDSC is a dirham payment token licensed by the Central Bank of the UAE and issued on ADI Chain, a zk-rollup Layer 2 that settles to Ethereum. Its October 2025 white paper named the issuer AEDC Stable Coin L.L.C., owned 34% by Sirius Investment Holding and 33% each by IHC Capital Holding and 1968B SPV. The DDSC site now names AEDC Stable Coin Network and Distribution L.L.C. as the licensed issuer. Authorized Distribution Partners, not the issuer, onboard holders after KYC/KYB checks and process 1:1 issuance and redemption to UAE bank accounts. By November 1 2026 the contract had minted 345.7 million DDSC and burned 297.5 million, leaving 48,280,499 across 87 addresses. The white paper commits 100% AED cash in segregated escrow at qualified banks it does not name. The issuer's feed reported reserves equal to supply on November 1 2026 and names Crowe as attestor, but posts no attestation report. Under the white paper, transfers can be frozen or reversed where law, sanctions or fraud prevention require, and the implementation, whose source is unverified, carries freeze, pause and upgrade selectors. As long as DDSC lives on ADI Chain, which is outside Pharos's chain registry, its deployment and supply cannot enter Pharos runtime data.

UnphasedUAE Dirham·RWA·CeFi·Announced Apr 28, 2025·7 milestones

EJPY is Japan Blockchain Foundation's pre-launch yen stablecoin, structured as a trust-type Type III electronic payment instrument under Japan's Payment Services Act. That classification exempts it from the ¥1M-per-transaction cap that constrains fund-transfer-type issuers such as JPYC. JBFD, the operator of Japan Open Chain, would be the settlor, with reserves held by a licensed trust bank it has still not named. The design rests on trust-segregated custody and bankruptcy-remote reserves, yet the trustee, the reserve mix, and the issuance date are all undisclosed. In September 2026 JBFD opened a roughly six-month pilot in which 26 enterprises, financial institutions and local governments, Toshiba among them, explore use cases with test EJPY tokens; the pilot announcement says the trust structure, issuance and redemption processes, and legal compliance are still in preparation. Commercial issuance is targeted on Japan Open Chain within fiscal 2026, which runs through March 2027, with Ethereum next, for B2B payments, remittances and settlement. Until a trustee is named and commercial issuance begins, test tokens are the only EJPY in circulation.

AnnouncedJapanese Yen·RWA·CeFi·Announced May 2026·2 milestones

FIUSD is Fiserv's planned dollar stablecoin for the roughly 10,000 financial institutions and six million merchant locations already on its processing network. The June 2025 plan built it on Solana with Paxos and Circle infrastructure and promised it by the end of that year. That plan no longer stands. On October 5 2026 Fiserv's head of embedded finance said the company had pivoted away from Paxos and Circle toward a more proprietary coin, and he gave no launch date. Fiserv joined the Open USD consortium in September and says it will name wallet partners before year-end. Its digital asset platform went live on October 1, yet the first token it hosts is Bank of North Dakota's Roughrider Coin, which VersaBank issues and custodies. Neither the end-2025 target nor the July 2026 go-live set by former CEO Mike Lyons produced a launch; the Q2 results did not mention FIUSD, and his successor left it out of a September strategy presentation. Pharos therefore tracks FIUSD as a product whose issuer, reserve custodian and timetable are all unannounced, sitting on infrastructure that already runs another bank's coin.

BetaUS Dollar·RWA·CeFi-Dep·Announced Jun 2025·14 milestones

gynUSD is Gyndore's pre-launch CDP stablecoin on Base, built around a single proposition: cbBTC is the only collateral. Borrowers can mint at a 110% minimum collateralization ratio, roughly 90.91% LTV, with on-chain redemptions for $1 of cbBTC below peg and a Stability Pool absorbing liquidations. Seventy percent of borrow fees go to Stability Pool depositors. GYND holders can move the borrow rate only in ±10bps steps through the Pareto Controller, with 80% consensus and a 24-hour challenge window, and a bootstrapping admin key holds that power until the fee switch triggers. Launch preparation has advanced without reaching the product. A public testnet on Base Sepolia was live by late August 2026, the GYND governance token was deployed on Base mainnet in September, and a liquidity bootstrapping event sold out that month. No gynUSD contracts are published, and Sherlock, named as audit partner, has produced no published report. The cbBTC dependency is the structural limit: Coinbase can freeze cbBTC addresses, so a custodian sits under every loan however the protocol governs itself.

TestnetUS Dollar·Crypto·DeFi·Announced Feb 2026·6 milestones

HKDAP is Anchorpoint's HKD stablecoin, issued under an HKMA stablecoin issuer licence effective April 10 2026. Standard Chartered Trustee (Hong Kong) Limited holds its HKD reserve assets on trust for holders. It has been live on Ethereum since August 12, when Anchorpoint's own release opened Beta Access through authorised distributors for institutions, corporate clients and professional investors. Supply reached 103.1 million HKDAP across 14 holder addresses on November 1 2026, roughly a hundred times the late-September float. About 87.0 million of that was minted on October 30. The same day Anchorpoint announced exploratory partnerships with Mastercard and Visa, starting with settlement options for card issuers, but gave no launch date or volumes. No accepted source returns a price for HKDAP, which keeps the coin outside Pharos runtime coverage. Anchorpoint's unaudited weekly figures for October 30 show reserves slightly above circulation; independent attestation is promised only after full launch. BlockSec's August 14 review of the deployed contract found that the KYC proof is discarded, so any proof, including an empty string, passes. A single key can mint, burn, pause or freeze, two keys control all upgrades and roles, and no timelock guards any of those powers. Build artifacts point to a pre-production deployment. The durable constraint is that contract: until it is upgraded or replaced, the licensed token runs on code carrying those findings.

BetaHong Kong Dollar·RWA·CeFi·Announced Mar 2026·21 milestones

HSBC RedCoin is an HKD stablecoin available through PayMe on HSBC's private permissioned chain. The Hongkong and Shanghai Banking Corporation Limited launched it on October 23, 2026 under HKMA licence FRS02. Distribution runs through the bank's own channels, and HSBC Digital Assets Custody provides safekeeping. HSBC describes 1:1 backing by segregated HKD-denominated reserves and redemption at par through permitted channels, subject to its terms. The product page now publishes issuer-reported circulation and reserve figures, alongside a whitepaper, a reserve assets policy and redemption terms. These documents are the issuer's account of the backing, not independent verification of public-chain supply. The first independent attestation is expected after Q4 2026; this review found no published monthly series. Pharos keeps RedCoin in pre-launch until public on-chain issuance and a verifiable price and supply path exist.

Launching soonHong Kong Dollar·RWA·CeFi·Announced Mar 2026·5 milestones

KRW-iM is iM Bank's pre-launch won stablecoin, which Pharos records as South Korea's first bank-led KRW proof of concept. The original May 2026 pilot with Finger on Kaia leaned on BTQ Technologies' post-quantum cryptography, a security feature rather than a reserve or redemption term. The token iMKRW was issued and transacted on Kaia in OpenAsset's full-lifecycle test in May, covering issuance, QR payment, merchant settlement and burn. The separate Coocon payment-ecosystem test in July used BEATOZ blockchain and CPG technology; its release did not identify Kaia or name the token iMKRW. In June iM Bank also joined the Korea-EU Pangea project testing KRW-EUR stablecoin exchange, though iMKRW was not named there. Pharos marks the phase as testnet, but these are private pilots rather than a public network. Production mint, redemption and reserve reporting terms are unpublished, and the production ticker is unconfirmed. Commercial launch is gated on the Digital Asset Basic Act, whose September public hearing fell through after the government bill was delayed.

TestnetKorean Won·RWA·CeFi·Announced May 2026·6 milestones

Itau Unibanco, Brazil's largest private bank by assets, confirmed in April 2025 that it was evaluating its own stablecoin; 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'. That remains the extent of the public commitment. Brazil's virtual-asset framework, finalised as BCB Resolutions 519 to 521, took effect on February 2, 2026, and Resolution 561, effective October 1, 2026, bars virtual assets in payments or receipts between an eFX provider and its foreign counterparty. Neither produced an Itau decision. In August 2026 Antunes argued that stablecoins and tokenized deposits must coexist, and in September he described the bank as closely tracking stablecoins as potential payment enablers, with no issuance decision, peg choice, ticker or date. The Drex wholesale pilot, which gave Itau distribution-rail experience, has ended. Pharos tracks the placeholder as BRL-denominated because Brazil's retail base makes a real-denominated first launch the more likely design, though a USD option has not been ruled out, and Pharos removed its 2026 launch expectation in September. The rules Itau was waiting on are in force; the remaining constraint is the bank's own product decision.

AnnouncedBrazilian Real·RWA·CeFi·Announced Apr 3, 2025·5 milestones

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 says actual services will follow the implementation of Korean digital-asset legislation, and no launch date is announced. In September MoonPay named KB Kookmin Bank as an exploratory partner on issuance, distribution and overseas remittance, again without an issuance date. The final legal issuer, official ticker, token-specific reserves and public-holder redemption terms remain unpublished; KRW-KB is an editorial display label.

UnphasedKorean Won·RWA·CeFi·Announced May 17, 2026·3 milestones

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.

AnnouncedUS Dollar·RWA·CeFi·Announced Sep 25, 2025·1 milestone

GOLDp (formerly pGOLD) is Polaris's pre-launch synthetic gold token: borrowers post pETH collateral in CDPs and mint GOLDp debt that tracks one troy ounce of gold by oracle, at a 115% minimum collateral ratio. There is no physical gold, vault or custodian behind it, which separates it from bullion-claim tokens whose value rests on an issuer's metal and redemption desk. The design swaps custody risk for market risk: positions are collateralized in ETH-derived pETH while the debt tracks gold, so solvency depends on the ETH price relative to gold. Exit runs through Polaris redemption and liquidation mechanics rather than bullion delivery. GOLDp shares its Sepolia testnet with sibling USDp; the app is labelled Alpha, professional audits are still ahead, and no mainnet date is set. A $1M angel round reported in September 2026 came without one. Until contracts and an oracle configuration are deployed, the design's gold tracking and liquidation behaviour cannot be checked against live code.

TestnetGold·Crypto·DeFi·Announced Jan 2026·8 milestones

USDp (formerly pUSD) is Polaris's pre-launch Liquity-style CDP stablecoin on Ethereum, minted against pETH collateral at a 115% minimum collateral ratio. Polaris's documentation describes an immutable core with no admin privileges and no freeze or blacklist function. A bounded Stewardship role can still change interest rate splits and flow recipients and replace faulty oracle feeds. Its decisions run through sPOLAR stakers, with no timelock disclosed. USDp deposited in the Earn Pool absorbs liquidations and earns a share of minter interest plus pETH liquidation gains. Each liquidation converts part of a deposit's dollars into ETH exposure, so holder yield depends on borrowing demand and liquidation activity. A public testnet runs on Sepolia and the app is labelled Alpha. On October 26 2026 Polaris said four audits were underway, without naming auditors, publishing reports or announcing a mainnet date. The phase has advanced to auditing, but the design claims still await published audit reports and deployed mainnet contracts.

AuditingUS Dollar·Crypto·DeFi·Announced Jan 2026·10 milestones

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.

AnnouncedPolish Zloty·RWA·CeFi·Announced Apr 7, 2026·4 milestones

AED-RAKBANK is RAKBank's pre-launch dirham stablecoin, notable less for its design than for its issuer: the first conventional commercial-bank AED payment token under the Central Bank of the UAE's regime, distinct from Zand AED, AE Coin and the FAB/ADQ/IHC dirham initiative. The in-principle approval came on January 7, 2026 under the Payment Token Services Regulation, conditional on RAKBank completing the remaining regulatory and operational requirements. That regulation shapes the product before any code ships. A bank may not act as a payment token issuer itself, so the token has to come from a licensed subsidiary, affiliate or related entity, and a licensed issuer may only issue dirham tokens to UAE residents. The announced design covers the expected ground: 1:1 dirhams in segregated regulated accounts, full par redemption, audited smart contracts and real-time reserve attestation, aimed at payments, asset tokenization and cross-border settlement. No ticker, chain, issuing entity or launch date has been disclosed, and the bank says only that a pilot phase will follow in due course. Until contracts and a first reserve report exist, the approval describes intent rather than a token Pharos can assess.

AnnouncedUAE Dirham·RWA·CeFi·Announced Jan 2026·1 milestone

HKDR is the planned HKD stablecoin of RD InnoTech, a subsidiary of RD Technologies, the Hong Kong fintech founded by former HKMA chief executive Norman Chan. RD InnoTech entered the first HKMA stablecoin issuer sandbox cohort in July 2024, testing digital-asset trading and cross-border trade payments, and later named HashKey Exchange as a distribution partner with Ethereum as the deployment chain. The build-out continued into the licensing regime: a $40M Series A2 led by ZA Global closed on July 30 2025, alongside a ZA Bank memorandum to explore reserve custody and distribution. The licence did not follow. On April 10 2026 the HKMA granted its first two issuer licences to Anchorpoint and HSBC, and in June it said the remaining applications stay under review with no timetable for further grants. At Pharos's September 13 2026 check, the HKMA register still listed only those two licensees and RD Technologies' 2026 announcements did not mention HKDR, so Pharos carries no expected launch date. The planned design is 1:1 backing in HKD high-quality liquid assets at licensed institutions, with periodic attestation and regulated redemption. The durable constraint is that none of it can start until the HKMA grants RD InnoTech a licence.

AuditingHong Kong Dollar·RWA·CeFi·Announced Jul 2024·10 milestones

RDUSD is a planned US dollar stablecoin for RD Technologies, with Anchorage Digital Bank N.A. responsible for issuance, reserves and redemption. The announcement describes 1:1 dollar backing and deployment on HSK Chain. RD Technologies supports brand development and the application ecosystem. Hong Kong distribution is limited to professional investors, and RD says the token is neither HKMA-licensed nor approved by a Hong Kong regulator. Public issuance and a launch date remain unverified. The blacklistability review follows the centralized issuer model because token-specific controls have not been established. A public deployment and documented holder controls are still needed to assess intervention powers.

AnnouncedUS Dollar·RWA·CeFi·Announced Nov 1, 2026·1 milestone

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.

AnnouncedBritish Pound·RWA·CeFi·Announced Feb 25, 2026·2 milestones

Revolut's proposed sterling stablecoin is still a sandbox test, with no confirmed launch date. The FCA picked Revolut for its stablecoin sandbox cohort in February 2026, and testing began that quarter. Revolut received its full UK banking licence in March, yet any GBP coin would come from Revolut Ltd, its e-money entity, because proposed Bank of England rules restrict issuance across affiliated subsidiaries. The BoE's June 2026 policy statement removed the main commercial blockers: the proposed £20,000 individual holding cap gave way to a temporary per-coin issuance cap of roughly £40bn, and the share of reserves allowed in short-dated UK Treasury bills rose from 60% to 70%. The remainder sits at the Bank, holders receive no yield, and par redemption within 24 hours is mandatory. Rules are due to be finalised by end-2026, and the FCA regime starts on October 25 2027. The June 30 BoE/FCA paper says firms issuing earlier should be FCA-registered; the regime start is not Revolut's launch date. Revolut's priority use case, per its House of Lords testimony, is the UK-to-India remittance corridor rather than retail payments. Its first live stablecoin, the euro EURR launched in August 2026, is issued by Stripe's Bridge under MiCA rather than by a Revolut entity, which says nothing direct about who would issue sterling. No contract, reserve report or redemption terms exist yet, and Revolut has not set a sterling launch date.

AnnouncedBritish Pound·RWA·CeFi·Announced Feb 2026·11 milestones

GEL₮ is Tether's pre-launch Georgian Lari stablecoin, announced on May 25, 2026 alongside the Government of Georgia and framed by Tether as the country's official stablecoin. The framing is the story: a government placing its national currency on a private issuer's digital rails, while the National Bank of Georgia runs a separate digital-lari pilot. The legal scaffolding is real. NBG Order No. 52/04 lets licensed issuers mint Lari-pegged tokens with prior NBG consent, 100% reserves, full redemption rights and a GEL 500,000 capital floor, and was built for compatibility with the US GENIUS Act. Everything an assessment needs is still blank: no chains, no contracts, no reserve attestation, no named custodian, no launch date, and no milestone recorded since the announcement. The prime minister and the central bank's governor have both endorsed it, but Pharos cannot yet price the Lari peg. Until reserve disclosures appear, the 'official' label describes political sponsorship rather than how the tokens will be backed.

AnnouncedOther·RWA·CeFi·Announced May 2026·2 milestones

thGOLD is Theo's tokenized gold, deployed on Ethereum on September 15 2026, and its design has shifted since the January 27 2026 announcement. That post framed it as a yield-bearing share tracking the MG999 Onchain Gold Fund, a Singapore sub-fund run by FundBridge Capital with Libeara tokenization that lends gold to retailers and already backs thUSD's gold carry. Theo's current documentation instead makes one thGOLD one troy ounce of physical gold that never rebases or accrues. Lease income goes only to stakers in a separate sthGOLD vault with a 5-day exit lockup. Staking sets lease tenor and income rights, yet Theo may lend all thGOLD backing to institutional lessees, so holders who never stake still carry lease-counterparty and recall risk without the income. A 4-of-6 operator Safe holds the sole minter role, and a Timelock owns the upgradeable contracts. Direct mint and redemption against metal are still marked coming soon. Theo claims secondary-venue availability, but both current holders are issuer wallets according to its deployed-addresses page, leaving independent public circulation unestablished. With no public price feed on record, Pharos keeps thGOLD pre-launch. Until redemption opens, nothing on record shows how quickly a holder could turn a token back into a recalled ounce.

Launching soonGold·RWA·CeFi·Announced Jan 27, 2026·3 milestones

VUSD is the commercial name for VersaBank USA's tokenized dollar deposit, piloted internally as USDVB from August 2025. Each token 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. VersaBank's October 15 2026 release announcing the commercial phase calls VUSD interest-paying and FDIC insurance-eligible, the two features its September 2026 filing had asked regulators to confirm. The release says the phase is in full compliance with U.S. federal banking regulations but names no regulator decision, chain or launch date. It also says VersaBank's technology can freeze, seize and burn tokenized deposits that regulators deem illegal. Since October 1 2026 VersaBank USA has served as issuer of the Bank of North Dakota's Roughrider Coin on Fiserv's digital asset platform, responsible for minting, burning, custody and reserve management. VersaBank's announcement of that role did not mention VUSD or USDVB. The bank plans exchange listings as soon as feasible, but transfer and redemption rights for ordinary external holders, including minimums, fees, timing and capacity, remain unpublished.

UnphasedUS Dollar·RWA·CeFi·Announced Aug 26, 2025·4 milestones

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. AF Payments Limited, an FCA-authorized e-money institution, has controlled VVTX Limited since August 5 2026, holding 75% or more of its shares and voting rights. Two AF Payments directors joined VVTX's board that day. 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, sandbox selection nor a regulated parent proves public token circulation, final authorization or an executable par exit.

AnnouncedBritish Pound·RWA·CeFi·Announced Feb 25, 2026·2 milestones