VersaBank tests tokenized deposits on Ethereum, Algorand, and Stellar in the US

Jinse Finance reported that Canadian digital bank VersaBank has announced it will test its blockchain tokenized deposit "USDVB" in the United States, with each token corresponding to a $1 deposit held by the bank. The pilot will simulate transactions on the Ethereum, Algorand, and Stellar blockchains, aiming to provide the market with an alternative to stablecoins. VersaBank emphasized that the token is a federally insured deposit, can earn interest, and plans to seek approval from the Office of the Comptroller of the Currency (OCC) before its public offering.