VersaBank USA launches pilot programme for its USDVBS
27 August 2025 UK, US
Image: Anvar/stock.adobe.com
VersaBank’s wholly owned subsidiary, VersaBank USA, has launched an internal pilot programme in the US for its USDVBs — the US dollar version of its proprietary Digital Deposit Receipts (DDRs).
According to the bank, they are developed exclusively by VersaBank using its proprietary technology and the DDRs are bank-issued tokenised deposits, which are highly encrypted 1:1 digital representations of actual cash deposits that provide security and stability.
They combine the safety and soundness of traditional banking with the efficiency, cost savings, security, and programmability of blockchain technology.
VersaBank USA will seek the Office of the Comptroller of the Currency's (OCC's) non-objection prior to launching commercially.
David Taylor, founder and president, VersaBank, says: "We believe VersaBank USA's USDVBs are the first operational, tokenised deposit issued by a nationally licensed bank in the United States.”
He goes on to say: “Our USDVB DDRs, developed in conjunction with law enforcement, represent the next step in the evolution of digital assets for both deposits and payments, and, importantly, a superior alternative to stablecoins based on their one-for-one representation of actual cash on deposit with our bank, the legal ability to pay interest, and FDIC insurance.”
According to the bank, they are developed exclusively by VersaBank using its proprietary technology and the DDRs are bank-issued tokenised deposits, which are highly encrypted 1:1 digital representations of actual cash deposits that provide security and stability.
They combine the safety and soundness of traditional banking with the efficiency, cost savings, security, and programmability of blockchain technology.
VersaBank USA will seek the Office of the Comptroller of the Currency's (OCC's) non-objection prior to launching commercially.
David Taylor, founder and president, VersaBank, says: "We believe VersaBank USA's USDVBs are the first operational, tokenised deposit issued by a nationally licensed bank in the United States.”
He goes on to say: “Our USDVB DDRs, developed in conjunction with law enforcement, represent the next step in the evolution of digital assets for both deposits and payments, and, importantly, a superior alternative to stablecoins based on their one-for-one representation of actual cash on deposit with our bank, the legal ability to pay interest, and FDIC insurance.”
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