USBC finalizes strategic partnership with Uphold and Vast Bank | #341

Another major milestone for USBC tokenized deposits

Our newsletter covers news, industry perspectives, and updates from the USBC ecosystem. Check out our last report here.

This week:

1. USBC finalizes strategic partnership with Uphold and Vast Bank

2. Stuff happens

1. USBC finalizes strategic partnership with Uphold and Vast Bank

Last week, we finalized our strategic partnership with Uphold and Vast Bank.

The deal creates a clear pathway to bring real U.S. dollars on chain to Uphold’s users and enterprise partners backed by a nationally chartered bank. With tokenized deposits, users essentially have direct access to a compliant, regulated bank account. And as bank-grade dollars, those underlying deposits are designed to be eligible for consumer protections such as FDIC insurance and Reg E.

Here’s USBC co-founder and CEO Greg Kidd—from the press release:

“Our agreement with Uphold and Vast Bank more clearly defines our vision for bank-regulated digital dollars. With this definitive triparty agreement, USBC, Vast, and Uphold are formally agreeing to combine efforts to continue building the regulatory, banking, and technology stack needed to bring trusted digital dollars into everyday use at scale.”

Stay tuned for more exciting developments as the USBC team continues to accelerate bringing tokenized deposits to market.

2. Stuff happens

• McKinsey: Stablecoins in payments: What the raw transaction numbers miss

• Tether Quietly Builds a Central Bank–Scale Gold Position - Unchained

• OpenAI Wants To Use Biometrics To Kill Bots And Create Humans Only Social Network

• Banks Cry Foul Over High-Yielding Tokens as Crypto Fight Simmers in Washington

• Banks are not disrupted.