VersaBank (VBNK) has started the commercial phase of its tokenized deposit program in the United States, stating that it complies with federal banking regulations. The first step is VersaBank USA issuing VUSD, an interest-paying, FDIC insurance-eligible U.S.-dollar tokenized deposit that the bank plans to list on major digital asset exchanges as soon as feasible. Founder and President David Taylor expects a strong shift to tokenized deposits from both conventional deposits and stablecoins, and says the technology can 'freeze, seize and burn' deposits used for illegal purposes. VersaBank initially plans to invest VUSD funds in zero risk-weighted U.S. Treasury bills, which will support growth of its Structured Receivable Program. The company also aims to offer its tokenized deposit technology to thousands of community and regional U.S. banks, and may advance to a commercial phase in Canada when conditions allow.
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VersaBank (TSX and NASDAQ: VBNK) said it has started the commercial phase in the United States for its tokenized deposits, in full compliance with US federal banking regulations. VersaBank USA will issue its Real Bank Tokenized Deposits, branded VUSD™, which are interest-paying, US-dollar deposits eligible for FDIC insurance and expected to be the first tokenized deposits broadly available to consumers and businesses of all sizes. The bank plans to list VUSD™ on major digital asset exchanges as soon as feasible and initially invest in zero risk-weighted US treasury bills, which it expects to support growth of its Structured Receivable Program in the US. The company also aims to offer its tokenized deposit technology to community and regional US banks, and says the technology can freeze, seize and burn deposits used for illegal purposes.
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