USBC
Builds a permissioned network for tokenized U.S.-dollar bank deposits.
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Profile
Develops a permissioned network for tokenized U.S.-dollar bank deposits, with Vast Bank issuing deposits and Uphold supplying wallet access and integration. Still pre-commercial, prospective revenue depends on network services and deposit balances rather than issuing a stablecoin.
Builds the USBC Tokenized Deposit Network, a permissioned Solana-based system designed to represent eligible customers’ U.S.-dollar balances as demand-deposit liabilities of an insured bank rather than USBC-issued stablecoins. Vast Bank is the initial issuing bank; Uphold supplies wallet access, customer referrals, and the integration layer. The planned stack combines verified digital identity, a rules engine, banking connections, applications, partner APIs, and white-label tools for payments, remittances, settlement, and treasury activity.
Operates as non-bank infrastructure and says it will not take custody, control, or possession of customer funds or digital assets. The initial external pilot remains invite-only rather than a general commercial launch, with future revenue tied to network services and tokenized-deposit balances. Launch, customer access, and deposit issuance depend on Vast Bank, Uphold, regulatory approvals and requirements, integration, and adoption.
Company facts
Key statistics
Year to date −34.6% · Average volume (30d) 303.8K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 7, 2026Q3 FY26 | −$2.80 | −$0.03 | +98.9% | $2.0M | — | — | −2.02% |
| May 13, 2026Q2 FY26 | −$2.80 | −$0.03 | +98.9% | $1.0M | — | — | −10.00% |
| Mar 23, 2026Q1 FY26 | −$2.80 | −$0.07 | +97.5% | — | — | — | −5.62% |
| Dec 19, 2025Q4 FY25 | −$2.40 | −$0.05 | +97.9% | — | — | — | −6.89% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | |
| Gross profit | $0 | $0 | $0 | $0 | −$38.2K | $0 | |
| Operating income | −$2.2M | −$1.3M | −$11.8M | −$17.1M | −$13.8M | −$16.4M | |
| Net income | −$3.6M | −$1.5M | −$12.4M | −$27.5M | −$25.6M | −$20.8M | |
| Diluted EPS | −$1.24 | −$0.11 | −$0.05 | −$0.07 | −$0.07 | −$0.05 | |
| Gross margin | — | — | — | — | — | — | |
| Operating margin | — | — | — | — | — | — |
Fiscal years (4-quarter sums)FY24 $0 · FY25 $0
Balance sheet, Jun 30, 2026Cash & short-term investments $3.0M · Total debt $15.2M · Total assets $66.5M · Shareholders' equity $46.4M
Dividends
No dividends on record.
Ownership
Shares outstanding 388.14M · Float 15.89M · 4.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Goldeneye 1995 LLC | 357.82M | 92.10% | 13D | Sep 23, 2025 |
| CRCM LP | 555.3K | 0.14% | 13F | May 13, 2026 |
| Geode Capital Management, LLC | 259.4K | 0.07% | 13F | May 15, 2026 |
| Vontobel Holding Ltd. | 190.5K | 0.05% | 13F | May 8, 2026 |
| Marshall Wace, LLP | 165.9K | 0.04% | 13F | May 15, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- JPMorgan Chase
Bank-led tokenized deposits and institutional settlement.
- Circle
Digital-dollar liquidity and developer integrations.
- Citi
24/7 tokenized cash and global liquidity management.
- PayPal
Consumer digital-dollar wallets, merchant checkout, and remittances.
- Coinbase
USDC payments, embedded wallets, and developer APIs.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| USBC | $0.4322 | +0.19% | $164.6M | — | — | — | — |
| JPMorgan Chase | $357.66 | +0.05% | $958.25B | 15.4 | 14.8 | 3.2 | +27.8% |
| Circle | $86.80 | −0.38% | $23.29B | 46.4 | — | 8.0 | +6.6% |
| Citi | $132.62 | −0.19% | $227.81B | 14.3 | 11.4 | 1.3 | +14.3% |
| PayPal | $53.74 | +0.15% | $45.90B | 10.1 | 9.7 | 1.3 | +4.8% |
| Coinbase | $178.50 | −0.02% | $47.13B | — | 206.3 | 8.5 | −18.5% |
| Median | 14.9 | 13.1 | 3.2 | +6.6% |