USBC Describes Itself As

US Benchmark Coin (USBC) is a U.S. dollar-backed stablecoin issued by Universal Ledger Ltd., a licensed company domiciled in the Bahamas and operating under the DARE Act. USBC runs on the Universal Ledger Network, a permissioned version of Ethereum powered by Omnumi. The blockchain network leverages a native digital identity system and risk engine, aiming to meet current regulatory requirements while adapting to future legal frameworks.

USBC aims to maintain a 1:1 peg with the USD and is collateralized by a combination of USD bank deposits, treasury bills, reverse repos, and other liquid assets. Currently under development, the project plans to release a transparency page, providing live updates on reserve composition and value.

Project Function

USBC focuses on providing a stable, compliant digital dollar, with the aim of promoting financial inclusion while adhering to regulatory standards. The project integrates a multi-tiered identity verification system (Bronze, Silver, Gold), with KYC and sanctions screening required to access and utilize USBC through the Universal Ledger Network. Future updates are expected to outline additional services available through the platform's various identity verification tiers.

Universal Ledger Ltd. manages the issuance and redemption of USBC tokens, and Web3 users are required to undergo identity verification in order to mint, hold, or redeem USBC. It’s important to note that users on Uphold and other regulated exchange platforms will not be subject to these identification requirements. 

The platform stores user information in a database known as Namespace, which enables regulated, KYC/AML-compliant transactions and allows users to store and verify their data using zero-knowledge proofs (zkPs), providing the minimum necessary information to third parties without disclosing full identity details. 

Token Utility

USBC is an ERC-20 token, accessible via the Universal Ledger Network based on KYC and sanctions screening, as well as exchange platforms such as Uphold. 

Transactions on the Universal Ledger Network are feeless, allowing for the transfer of USBC with zero transaction costs.

Network Security

USBC operates on the Universal Ledger Network, a permissioned blockchain based on Ethereum powered by the Omnumi platform. Security measures at the application layer include industry-standard OAuth2 and key-based authentication for secure access to financial institutions. SSL/TLS encryption aims to ensure data is protected in transit, while secrets-based encryption safeguards information at rest. 

About the Founders

USBC was launched by Greg Kidd and Kirk Chapman in 2024, with Omnumi successfully raising $10 million earlier that year.   

Greg Kidd, Co-Founder & Chairman:

Greg Kidd has an extensive background in the fintech industry as an early investor in Twitter, Square, Coinbase, Robinhood, Solana, Ripple, Uphold, and Brave. He is a founding partner of Hard Yaka, an investment firm focused on decentralized technologies with an emphasis on individual rights and financial inclusion. His prior roles include serving as Chief Risk Officer at Ripple and working at the Board of Governors of the Federal Reserve. Greg has also made significant investments in key banking institutions such as Vast Bank.

Kirk Chapman, Co-Founder & CEO

Kirk Chapman has over 20 years of experience in banking technology and payment systems. Prior to co-founding USBC, he served as Head of Strategy at Galileo and advisor to the CEO of SoFi. He is also the co-founder and CEO of Omnumi, the company responsible for operating the permissioned blockchain on which USBC is built. Kirk’s experience includes developing online lending platforms and leading technology initiatives at major financial institutions such as Independence National Bank and ND Bank.

Risks of USBC

Like an investment in other crypto assets, there are some general risks to investing in USBC. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in USBC is subject to the following specific risks:

• Although USBC aims to provide monthly and historical attestations, there is still a possibility of the USBC token temporarily deviating from its peg in times of significant volatility or disruptions to the custody provider’s financial stability. 

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with USBC. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The aforementioned founders and Universal Ledger Ltd. are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of USBC have no recourse to Universal Ledger Ltd., or Uphold if USBC declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing USBC on the Uphold Platform, Uphold performed due diligence on USBC and determined that USBC is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of USBC, including ensuring the source code is open-source, audited and peer reviewed, security and monthly attestations.
• The supply, demand, maturity, utility, and liquidity of USBC.
• Any marketing materials put forward by the USBC social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with USBC, including any code defects, security breaches and other threats concerning USBC and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with USBC, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of USBC.