USBC Inc (USBC) is a fintech company building a platform to enable tokenized deposits and related digital asset services. It earns no operating revenue as of its transition period ended December 31, 2025, and is pre-revenue, funding operations through equity and debt financing while developing its core product. The company is a non-bank program manager, partnering with regulated banks, beginning with Vast Bank, and digital wallet operators, including Uphold, to issue U.S. dollar-denominated tokenized representations of deposit liabilities recorded on blockchain. Alongside its tokenized deposit program, USBC holds Bitcoin as a treasury asset, custodied with Coinbase Custody Trust Company, and uses derivatives to generate yield on those holdings. The company reported a net loss of $27.5 million for the three months ended December 31, 2025, against total operating expenses of $17.1 million in the same period. No cash dividends have been declared or paid, and the company is incorporated in Nevada.

Revenue model

Pre-revenue as of the transition period ended December 31, 2025. The intended model is fee-based program management for banks and distribution partners using the USBC tokenized deposit platform. No operating revenue is reported in the filing excerpts.

Products and services

USBC tokenized deposit offering: a U.S. dollar-denominated tokenized representation of deposit liabilities issued by insured depository institutions, initially Vast Bank, recorded on distributed-ledger technology. Phase 1 of the multi-phase delivery strategy launched March 10, 2026. The company also maintains a Bitcoin treasury strategy, utilizing derivatives through an external full-service advisor to earn yield on Bitcoin holdings.

Customers and end markets

Target customers include retail users, fintech companies, and banks seeking to distribute tokenized deposit products, as described in the 10-K filed 2026-03-25. No active customer revenue was reported as of December 31, 2025.

Value-chain role

Program manager sitting between regulated bank partners, which hold customer deposits and issue payment instruments, and end-user distribution channels, including digital wallet operators. Builds and operates compliance, risk management, and payments infrastructure. Does not hold a bank charter and does not issue deposit accounts directly.

Geographic exposure

Operations based in the United States. Bitcoin held in custody at Coinbase Custody Trust Company, with private keys stored at facilities within the U.S. and internationally, per the 10-K filed 2026-03-25.

Competitors

JPMorgan, Bank of America, Citigroup, Wells Fargo, PayPal

Source: SEC 10-K, filed 2026-03-25

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