Real US dollars are officially entering the chain now that Uphold, Vast Bank and USBC Inc. unveil a regulated, blockchain-based deposit system that combines insured bank accounts with digital dollar access for global private users.
Uphold and Vast Bank launch real US dollars on the chain
A new phase in digital finance is emerging as regulated banking institutions adopt blockchain technology to spend real US dollars on-chain. Financial technology company Uphold, together with nationally chartered Vast Bank and listed USBC Inc. (NYSE American: USBC), on October 23 announced a strategic partnership to introduce U.S. dollar token deposits to retail customers around the world. The partnership aims to combine the security of US banking with the innovation of blockchain finance, allowing Uphold users to open Vast Bank accounts and store their deposits as tokenized digital dollars.
The announcement states:
Tokenized deposit accounts at Vast Bank will be available to Uphold customers from 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 make the underlying deposit eligible for FDIC insurance coverage through the issuing bank and Reg E protections,” the announcement said.
Uphold CEO Simon McLoughlin said: “Thanks to this partnership, Uphold customers worldwide will have direct access to a US 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 US dollars on-chain, issued by a nationally chartered bank and backed by the power and consumer protections of the US banking system.
The initiative differs from conventional stablecoins, which are typically issued by fintech companies and are not directly linked to insured bank deposits. Tokenized deposits, on the other hand, are fully backed by regulated banks and registered on-chain, combining the global efficiency of blockchain with traditional safeguards. Analysts see this model as a critical step toward a more secure, transparent and interoperable digital banking infrastructure that could redefine how global retail users access and transact in digital U.S. dollars.