Disclosure: Bullpen receives compensation from VersaBank for research coverage. VersaBank is also an IR client of LodeRock Advisors, an affiliate of Bullpen.

VersaBank (VBNK) announced a partnership with Fiserv to support the Bank of North Dakota’s stablecoin, which should have limited financial impact relative to the bank’s US growth…

… but could be the start of an important relationship, given it’s the first live use case on Fiserv’s digital asset platform. Should stablecoins and tokenized deposits get broader adoption, it would represent a new low cost deposit source…

… reducing VersaBank’s funding costs and driving NIM expansion over time. Still early days, but the company is laying the groundwork for the future - building on the deal with Stablecorp announced in February.

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