USBC, Inc., the rebranded successor to Know Labs, has filed an S-1 registration statement with the Securities and Exchange Commission outlining plans for a “USBC token.” The product is described as a U.S.-dollar-denominated, fully redeemable token that leverages digital identity and blockchain technology, with distribution through a mobile app offering high-yield rewards.
Filings Outline Token Concept
The S-1 describes the USBC token as a digital dollar instrument leveraging digital identity and blockchain technology, designed to be fully redeemable at par. The filing positions the token as a first-of-its-kind construct in which identity is embedded at the core of issuance and usage. The company says the token will be distributed via a proprietary mobile application where users can also access a high-yield rewards program.
In related disclosures, including a proxy statement and a Form 8-K filed August 15, the company formalized its change of name and ticker to “USBC” and announced a relocation of its principal executive offices to Reno, Nevada. Those documents underscore the pivot away from Know Labs’ prior identity as a technology firm toward a new strategy centered on digital assets and financial services.
Identity-Embedded by Design
The filings repeatedly emphasize that the token is identity-embedded. While the documents do not specify the technical standards, they indicate that users will need to undergo digital identity verification as part of participation. What remains unspecified is whether this will involve on-chain credentials, off-chain KYC with binding to wallet keys, or integration with verifiable credential frameworks such as SD-JWT or eIDAS-aligned digital wallets.
By placing identity at the foundation, USBC is signaling that the token is intended not only as a payment instrument but also as a compliance-ready vehicle. Embedding digital identity could enable tighter controls on eligibility, stronger anti-fraud measures, and more granular adherence to AML and KYC requirements.
“Fully Redeemable” and “High-Yield” Pledges
The company’s promise that the token is fully redeemable suggests a stable-value design, but the S-1 does not specify the nature of reserve assets, custodianship structures, or the auditing and attestation frameworks that would underpin redemption. Those elements are typically scrutinized by regulators and institutional users in dollar-denominated token markets.
The filing also describes a high-yield rewards feature in the planned mobile app. That terminology has drawn regulatory attention in other cases, as U.S. authorities have consistently treated reward or yield programs as securities-like offerings requiring registration or exemption. The filings leave open how rewards will be funded and whether distribution will be limited to eligible jurisdictions.
Corporate Pivot Under Greg Kidd
The strategy is being led by CEO Robert Gregory “Greg” Kidd, a fintech investor and advisor known for prior roles at Ripple, Twitter, and Square. Kidd has described the token as an inclusive, compliant, programmable digital dollar in company statements. A press release filed as part of the August 8-K announced the pivot and highlighted a $125 million strategic investment.
The rebrand from Know Labs to USBC was formalized on August 15, 2025, with the NYSE American ticker also changing to USBC. Company filings since then have consistently described the business model as anchored by the token and a related “Bitcoin treasury” approach.
Brand Confusion Risk
Outside of SEC filings, a separate digital asset called the “US Benchmark Coin (USBC)” exists, issued by Universal Ledger Ltd. from the Bahamas. That token is marketed as a stablecoin and also claims digital identity integration. While unrelated, the similarity in name could pose a confusion risk in reporting and among users, underscoring the need for clarity when referring to USBC, Inc. (NYSE American: USBC) and its proposed token.
Outlook
The company’s filings put digital identity at the center of its proposed token design, but many details remain open: what identity stack it will use, how reserves will be structured, and how regulators will view the high-yield component. With a prominent backer and a formal SEC registration process underway, USBC will now face scrutiny from both regulators and the market over whether it can deliver on its pitch of a compliant, programmable dollar instrument.
Sources: SEC S-1, SEC 8-K, Know Labs, Reuters, Uphold explainer
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By Cass Kennedy
