usdvb

ChainCatcher news, according to PR Newswire, B2B digital banking and cybersecurity technology solutions provider VersaBank announced that its wholly-owned subsidiary VersaBank USA has launched an internal pilot program for its USDVB (the U.S. dollar version of its proprietary Digital Deposit Receipt, DDR) in the United States ("USDVB Pilot Program").The DDR is exclusively developed by VersaBank using its proprietary technology, and is a tokenized deposit issued by the bank, represented in a highly encrypted 1:1 digital form, offering higher security, stability, and compliance compared to stablecoins when compared to actual cash deposits.In line with similar pilot projects completed by the bank in Canada, the USDVB pilot project aims to demonstrate the functionality, security, and operational integrity of VersaBank USA's DDR in a U.S. dollar environment, and to ensure compliance with U.S. banking regulations, including the Bank Secrecy Act (BSA) and the Office of Foreign Assets Control (OFAC).