VersaBank is testing a digital version of bank deposits on Algorand, putting a Canadian lender among institutions studying how blockchain networks might support commercial bank money.
The trial uses VersaBank’s Real Bank Tokenized Deposits (RBTDs). A commercial offering is conditional on a successful test.
Jack Henry has separately outlined a planned link to Google Cloud Universal Ledger. The company says the connection could let banks create digital versions of money and automate settlement. EconoTimes previously reported on the planned ledger connection.
The projects take different approaches: VersaBank is testing a deposit product on Algorand, while Jack Henry’s plan involves ledger infrastructure. VersaBank’s trial result will determine whether it proceeds to a commercial offering.
