Uphold, a leading infrastructure provider for on-chain finance, has announced a groundbreaking partnership with nationally chartered Vast Bank and USBC, Inc.the company behind the first retail tokenized U.S. dollar deposit. Together, the three organizations plan to launch tokenized U.S. bank deposit accounts, marking a significant step forward in bridging traditional banking and blockchain technology.
Starting in 2026, Uphold customers will gain access to tokenized deposit accounts offered by Vast Bank. These accounts will allow customer deposits to be represented on USBC’s privacy-preserving blockchain, providing all the advantages of digital currency while maintaining the trust and protections of the U.S. banking system. Each tokenized dollar will represent a real bank deposit, eligible for FDIC insurance coverage and Reg E protections through the issuing bank.
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This innovation enables users to hold, move, manage, and spend their U.S. dollars seamlessly across the blockchain ecosystem. Uphold believes this initiative will empower customers with faster, more efficient, and cost-effective financial services that operate globally and around the clock.
Unlike stablecoins which are often synthetic and issued by fintechs USBC’s tokenized deposits are direct on-chain representations of real U.S. dollars, issued by a nationally chartered bank. This approach combines the efficiency of blockchain with the reliability of regulated banking, presenting a secure evolution of the digital dollar.
Simon McLoughlin, CEO of Uphold, expressed his excitement about the partnership, saying, “This collaboration gives Uphold customers worldwide direct access to a U.S. bank deposit account powered by tokenized deposits and digital identity. We’re proud to be the first major crypto platform to offer real U.S. dollars on-chain, backed by the strength and consumer protections of the U.S. banking system.”
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Greg Kidd, Chairman and CEO of USBC, highlighted the long journey behind the project: “We’ve been working on the tech behind the USBC vision for nearly a decade, and we’re thrilled to bring tokenized deposits to life with Uphold and Vast Bank. Our goal is to give people everywhere access to real U.S. dollars and a U.S. bank account while creating value for our shareholders.”
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Linda Jenkinson, Chairman and CEO of Vast Holdings, Inc., also emphasized the broader implications of this innovation. “From Vast Bank’s perspective, the chance to offer a progressive, identity-led deposit account with on-chain functionality is truly groundbreaking. USBC opens the door to fair access and data-driven banking—from Tulsa, Oklahoma, to the world.”
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