VersaBank Announces Refresh of DDR Tokenized Deposit Pilot Program and Integration with US Pilot Program

VersaBank has announced a refresh of its previously completed pilot program for Digital Deposit Receipts (DDRs) in Canada, known as the CADVB Pilot Refresh. This refresh aims to confirm the functionality, security, and operational integrity of the Bank’s DDRs, ensuring compliance with Canadian money laundering and terrorist financing legislation. Additionally, VersaBank has integrated the CADVB Pilot Refresh with its recently initiated US-dollar version of the DDRs, the USDVB Pilot Program. The integration is intended to demonstrate VersaBank’s ability to conduct high-speed, low-cost, and secure cross-border payment transactions using DDRs. Both pilot programs are expected to be completed by the end of 2025, with a commercial launch to follow, subject to regulatory obligations. VersaBank’s DDRs offer a blockchain-secured, high-speed, low-cost foreign exchange solution, with the added advantage of legally permitted interest payments and deposit insurance, which non-bank issued stablecoins cannot provide.