VersaBank confirms Algorand as a settlement network for its Digital Meteor tokenized deposit product
Covered by 4 sources
VersaBank, a Canadian bank, is piloting its Real Bank Tokenized Deposits (RBTDs), branded Digital Meteor, on public distributed ledgers including Algorand, Ethereum, and Stellar. Each RBTD represents a CAD$1 or US$1 demand deposit liability of VersaBank or VersaBank USA respectively. The pilot was confirmed in an August 28 SEC filing and a commercial launch is in progress.
The tokens are recorded on the bank's core banking system and reflected on the public ledger through cryptographically signed transactions, issued through the DRTC-provided VersaVault system. The tokens are designed for payments and digital asset custody, with authorized holders limited to financial intermediaries such as broker-dealers.
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