A new phase in digital finance is emerging as regulated banking institutions adopt blockchain technology to issue real U.S. dollars on-chain. Financial technology company Uphold, together with nationally chartered Vast Bank and publicly traded USBC Inc. (NYSE American: USBC), announced on Oct. 23 a strategic collaboration to introduce tokenized U.S. dollar deposits for retail customers worldwide. The partnership aims to merge the safety of U.S. banking with the innovation of blockchain finance, allowing Uphold’s users to open Vast Bank accounts and hold their deposits as tokenized digital dollars.

The announcement states:

Tokenized deposit accounts at Vast Bank will be available to Uphold’s customers beginning in 2026.

“Customer bank deposits at Vast Bank will be represented by USBC and recorded on USBC’s privacy-preserving blockchain. These digital U.S. dollars are designed to enable the underlying deposit to be eligible for FDIC insurance coverage through the issuing bank and Reg E protections,” the announcement notes.

Uphold CEO Simon McLoughlin stated: “This partnership allows Uphold customers worldwide to have direct access to a U.S. bank deposit account, powered by tokenized deposits and digital identity.” He added:

We’re proud to be the first major crypto platform to offer our customers the future: real U.S. dollars on-chain, issued by a nationally-chartered bank, and backed by the strength and consumer protections of the U.S. banking system.

The initiative distinguishes itself from conventional stablecoins, which are typically issued by fintech firms and not directly tied to insured bank deposits. Tokenized deposits, by contrast, are fully backed by regulated banks and recorded on-chain, combining blockchain’s global efficiency with traditional safeguards. Analysts view this model as a pivotal step toward safer, transparent, and interoperable digital banking infrastructure that could redefine how global retail users access and transact in digital U.S. dollars.

• What makes these tokenized dollars different from stablecoins?
  Unlike stablecoins, these tokenized deposits are issued by a U.S.-chartered bank and are eligible for FDIC insurance coverage.
• When will users be able to access tokenized U.S. dollar accounts?
  Tokenized deposit accounts through Vast Bank will become available to Uphold users beginning in 2026.
• Why is this collaboration important for the future of digital finance?
  It merges blockchain efficiency with traditional banking protections, setting a new standard for secure and interoperable digital banking.
• Who benefits most from this new model of digital U.S. dollars?
  Global retail users gain direct access to regulated, insured U.S. bank deposits—on-chain and instantly accessible.

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