VersaBank Begins U.S. Commercial Phase For Its Proprietary Tokenized Deposits

The first component of the Bank's U.S. commercial strategy for its tokenized deposits is the issuance by VersaBank USA of the Bank's own Real Bank Tokenized Deposits™ (RBTDs™), which are highly encrypted versions of conventional digital bank deposits represented on the blockchain. Branded as VUSD™, the interest-paying, FDIC insurance-eligible, U.S.-dollar RBTDs™ are expected to be the first tokenized deposits available broadly to consumers and businesses of all sizes. The Bank plans to list VUSD™ on the most popular bona fide digital asset exchanges as soon as feasible.

Issuing VersaBank-issued RBTDs™ in the U.S. will also position the Bank to pursue its strategy to provide its proprietary, market ready, tokenized deposit technology to the thousands of community and regional banks in the U.S. challenged by the flow of deposits to alternative, non-bank-issued, blockchain-based deposit and payments alternatives.