RENO, Nev.–The tech company USBC said it has partnered with Uphold and Vast Bank to launch the world’s first retail tokenized deposit offering, which it said will expand global access to real U.S. dollar deposits, particularly for users “beyond the reach of the traditional U.S. banking system.”
The organizations said the product offers global access to U.S. dollar deposit accounts and tokenized US dollar deposits for individuals, businesses, and financial institutions.
“It aims to offer advantages over other digital dollar initiatives through enhanced safety because each USBC tokenized deposit is backed by a U.S. bank account eligible for FDIC insurance and protected under Regulation E,” according to a report. “It also provides regulatory confidence by using traditional bank deposits on a permissioned blockchain that complies with US financial regulations, while enabling programmable finance through instant settlement, real-time payments, smart contract automation, and 24/7 access.
2026 Timetable
Through the partnership, Uphold customers will be able to open U.S. dollar deposit accounts and, starting in 2026, hold and transfer digital representations of their deposits at Vast Bank via USBC’s privacy-preserving blockchain, the company explained.
USBC tokenized deposits are backed by Vast Bank’s national charter and compliance framework and designed to ensure the underlying funds are eligible for FDIC insurance and protected under Regulation E, the company said.
