USBC, Inc.

Name

USBC, Inc.

Legal name

USBC, Inc.

Website

https://investors.usbc.xyz

Company type

Public

Founded year

1998

Operating status

Operating

Short description

USBC, Inc. is a publicly traded Reno, Nevada-based fintech developing tokenized U.S. dollar bank deposits on a permissioned blockchain in partnership with Vast Bank (issuer) and Uphold (distribution), with a Bitcoin treasury strategy.

Ownership category

akta.pro rank

Product category

Tokenized Banking Infrastructure

SIC

Finance Services (6199)

akta.pro primary industry

Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ)

akta.pro secondary industries

Tokenized Bank Deposit & Commercial Bank Money Issuers (FSADADAB), Identity, Credentials & Permissioning for Enterprises (DID/VC, access control, attestations) (FSAPAIAG)

Keywords

• Tokenized bank deposits
• Permissioned blockchain network
• Digital dollar infrastructure
• Programmable money platform
• Bank deposit tokenization

Headquarters

HQ city

Reno

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Operations

Revenue model

1. Tokenized Deposit Revenue Share: Revenue sharing arrangement among USBC, Vast Bank, and Uphold under the triparty agreement. Deposit Revenue calculated monthly based on anticipated yield attributable to tokenized deposit balances allocated to each asset category. USBC serves as revenue share agent preparing monthly statements net of allocated program expenses.
2. Bitcoin Yield Generation: Bitcoin treasury trading strategy to enhance Bitcoin-denominated holdings through premiums collected on options. Net maximum notional exposure should not exceed Bitcoin treasury holdings without leveraged derivative exposure.
3. Program Expenses Recovery: USBC reimburses Vast Holdings/Vast Bank for costs of performing strategic, operational and administrative services supporting tokenized deposit platform development. Reimbursement capped at $10.5 million under Affiliate Services Agreement.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels3 records

Core offering

USBC, Inc. develops and operates a tokenized deposit platform that issues U.S. dollar-denominated tokenized deposits on a permissioned blockchain ledger derived from the Solana protocol. The product combines traditional bank deposit accounts (issued by partner bank Vast Bank, N.A.) with blockchain-based transfer, settlement, and embedded digital identity verification, delivered through an API-centric and widget-based integration model for partner platforms.

Product overview

USBC, Inc. operates as a multi-disciplinary financial technology company with its primary focus on the USBC tokenized deposit offering—a U.S. dollar-denominated tokenized deposit that operates on blockchain technology with embedded digital identity. The company has implemented a Bitcoin treasury strategy to support development. The product ecosystem consists of three key parties: USBC serves as the network operator and technology provider, Vast Bank, N.A. serves as the issuing bank for customer deposit accounts, and Uphold provides platform integration and customer access services. The tokenized deposit product is designed to combine the regulatory protections of traditional bank deposits with the efficiency and programmability of blockchain-based payments.

Differentiator

Problem solved

Functional benefit

Products and services

• USBC Tokenized Deposit Offering

Quantifiable outcome

• Tokenized deposits projected to exceed stablecoins by 2030 (Citi report)

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• Vast Bank, N.A.coreStrategic or Co-development Partner · 20 January 2026Vast Bank, N.A. serves as the initial issuing bank for customer deposit accounts underlying the tokenized-deposit program. The nationally chartered bank will issue USBC tokenized deposits and maintain the underlying deposit liabilities on its general ledger, mirrored on-chain via tokenized representations. Linda Jenkinson (Chair and CEO of Vast Holdings) also serves as Vice Chair of USBC's Board.
• Uphold HQ Inc.coreStrategic or Co-development Partner · 20 January 2026Uphold is a financial technology company providing modern infrastructure for on-chain payments, banking and investment services. The company provides platform integration and customer access services for the USBC tokenized deposit program, enabling Uphold customers worldwide to access digital representations of U.S. dollar deposits on the blockchain.

Scale indicators13 records

Recent moves7 records

Expansion highlights7 records

Emerging players

• Centrifuge: Centrifuge tokenizes real-world assets (invoices, real estate, loans) on Ethereum for institutional DeFi investors. Comparable as an emerging RWA tokenization platform, though focused on credit rather than deposits.
• Maple Finance: Maple Finance tokenizes institutional credit (undercollateralized lending pools) on-chain with a permissioned pool structure. Comparable as an emerging player in RWA tokenization with institutional underwriting and access controls.

Direct peers

• Figure Technologies: Figure operates the Provenance Blockchain for RWA tokenization including private credit, HELOC, and blockchain-native mortgage products. Comparable to USBC in building permissioned blockchain rails for regulated financial assets and real-world asset tokenization.
• Paxos Trust Company: Paxos issues regulated stablecoins (USDP, PayPal USD) and operates the Paxos platform with banking partners, making it the closest direct comparable to USBC's tokenized-bank-deposit model. Both combine regulated bank partnerships with on-chain representations of USD value.
• Ondo Finance: Ondo Finance tokenizes US Treasuries and money market funds on public chains (Ethereum, Solana) for institutional and retail investors. Directly comparable to USBC in bringing traditional yield-bearing USD instruments onto blockchain rails.
• Circle Internet Financial: Circle issues USDC, the largest regulated USD stablecoin, with banking partnerships and an emerging focus on tokenized money products. Closely comparable to USBC's mission of bringing regulated dollar value onto blockchain rails.

Broad incumbents

• Coinbase: Coinbase operates the largest US institutional crypto custody platform, a USDC stablecoin revenue share, and Base L2. Comparable as broad crypto infrastructure incumbent; relevant to USBC's Bitcoin custody arrangements and potential distribution channel.
• Ripple Labs: Ripple launched RLUSD stablecoin in 2024 and has extensive banking partnerships and a permissioned-style blockchain architecture. Highly comparable given Ripple's CRO experience (Greg Kidd, USBC CEO, was Ripple's former CRO) and shared focus on bank-grade digital dollar rails.
• Stripe (Bridge acquisition): Stripe acquired Bridge (a stablecoin orchestration platform) in 2024-2025 to integrate stablecoin payments into its global payment rails. Comparable in pursuit of tokenized dollar value for payments and developer APIs.
• JPMorgan (Kinexys / Onyx): JPMorgan's Kinexys (formerly Onyx) platform offers tokenized deposits and blockchain-based settlement for institutional clients. Comparable as a broad incumbent pursuing tokenized bank deposit architecture on permissioned infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about USBC, Inc.