Overview
- Deposits would be held at Vast Bank and represented as tokens on USBC’s privacy-focused blockchain.
- The firms say the structure is eligible for FDIC insurance and Reg E consumer protections, distinguishing it from privately issued stablecoins.
- Uphold is slated to let customers worldwide open and manage these tokenized dollar accounts starting in 2026, subject to approvals.
- USBC, Uphold and Vast Bank are finalizing a non-binding Memorandum of Understanding, with a definitive agreement not yet signed.
- The companies present the offering as bank-backed digital money rather than a synthetic token, emphasizing U.S. banking compliance.