VersaBank adds FX feature to tokenized deposit platform

Canadian digital bank VersaBank is adding a foreign exchange (FX) feature to its tokenized deposit platform, Cointelegraph reported. The new function will enable real-time conversion between the U.S. dollar and the Canadian dollar using its tokenized bank deposit, RBTD. VersaBank previously conducted a pilot program for its tokenized deposits in the United States. Unlike stablecoins, RBTD is issued and managed directly by the bank, not a non-bank institution. It is issued on a 1:1 basis backed by customer assets, similar to traditional deposits, and is recognized as a liability of the issuing bank, operating within the traditional financial system.