NYSE listed USBC unveiled plans for the US Bank Coin, a US dollar tokenized deposit available to retail users and operating on a permissioned blockchain. This retail target market contrasts with the vast majority of existing tokenized deposit offerings which have targeted large corporates. Vast Bank will be the first to launch it in 2026, with crypto exchange Uphold acting as distribution partner.
Through this partnership, Uphold will provide a conduit to a US dollar bank account to its more than 10 million global users. In fact, last year Uphold unveiled a stablecoin using the same name, with the intention of morphing it to a tokenized deposit eventually.
One key advantage of a tokenized deposit is that it benefits from FDIC insurance to the same extent as a conventional bank account. Plus, it can directly offer interest. Otherwise the USBC use cases are similar to a stablecoin, including cross border payments, corporate treasury management, enabling foreigners to hold dollar balances and programmable payments. Unlike a conventional bank account, USBC can be transferred between different wallets, although all users will have to go through compliance.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
