Current developments in the regulatory landscape in the United States now allow crypto projects to apply for a banking charter to operate as a “Digital Asset Bank.” Telcoin has just obtained this valuable asset.
Telcoin obtains a banking charter in the United States
The United States is currently undergoing a major transformation of its economic and financial environment with the announced arrival of crypto players on this stage, which until now had been reserved for traditional structures. As proof, even the Ethereum giant Consensys is reportedly preparing for its initial public offering.
This momentum has been driven for several months now by giants such as the issuer of the USDC stablecoin, Circle, as well as Fidelity and Ripple (XRP), in order to obtain national banking licenses. And it goes without saying that traditional banks are doing everything they can to try to oppose this new competition.
In this context, the Telcoin (TEL) project has just made a major breakthrough, with the official granting of “final approval of its charter by the Nebraska Department of Banking and Finance to launch a Telcoin Digital Asset Bank.”
This charter allows Telcoin to become the first true blockchain bank, directly connecting US bank accounts to regulated “Digital Cash” stablecoins. Its flagship product, eUSD, will be the first US dollar stablecoin issued by a bank and natively on-chain, offering consumers and businesses a secure and compliant way to use Digital Cash for payments, transfers, and savings.
Telcoin
The TEL token has skyrocketed 150% in recent days
With this charter in hand, Telcoin’s president of banking operations, Patrick Gerhart, wants to help US community banks adapt to technological developments related to cryptocurrencies.
According to his statements in the official press release, “there are nearly 5,000 banks in the United States, and only the largest 5% will be able to manage crypto assets internally.” So why not help the remaining 95% “connect to on-chain finance in a secure and efficient manner”?
This announcement clearly excited investors, as the price of TEL has risen more than 150% in recent days, peaking at $0.007. However, it has fallen significantly by 20% over the last 24 hours, with the price hovering around $0.003.
The Telcoin Digital Asset Bank will operate as a crypto-asset custodian, but also as the issuer of the eUSD stablecoin. The whole venture is backed by the international fintech company Telcoin, which is present in more than 170 countries, with the ambition of “revolutionizing global finance by combining blockchain, telecommunications, and banking services.”
