The current evolution of the regulatory landscape in the United States now allows crypto projects to apply for a banking charter to operate as a “Digital Asset Bank.” Telcoin has just secured this valuable license.
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 into this arena, which was previously reserved for traditional institutions. 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 Circle, the issuer of the USDC stablecoin, as well as Fidelity and Ripple (XRP), all seeking 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, having officially received “final approval of its charter from 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 U.S. bank accounts to regulated “Digital Cash”-type stablecoins. Its flagship product, eUSD, will be the first U.S. dollar-pegged stablecoin issued by a bank and natively on-chain, offering both consumers and businesses a secure and compliant way to use Digital Cash for payments, transfers, and savings.
Telcoin
The TEL token has surged 150% in recent days
With this charter in hand, Telcoin’s President of Banking Operations, Patrick Gerhart, aims in particular to help U.S. 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 top 5% will be able to manage crypto-assets internally.” So why not help the remaining 95% “connect to on-chain finance in a safe and efficient manner”?
This announcement clearly excited investors, as the price of TEL has risen by over 150% in recent days, peaking at $0.007. However, it has seen a significant drop of 20% over the past 24 hours, with the price currently hovering around $0.003.
The price of the TEL token skyrockets
The Telcoin Digital Asset Bank will operate as a crypto-asset custodian, as well as the issuer of the eUSD stablecoin. The initiative is backed by the international fintech company Telcoin, which operates in over 170 countries, with the ambition to “revolutionize global finance by combining blockchain, telecommunications, and banking services.”
