The crypto sector displayed optimism on Thursday as the US government officially ended the prolonged shutdown.
While altcoins eyed recoveries, native coin TEL witnessed robust gains in the past 24 hours as Telcoin officially became the first firm in the US to launch a licensed blockchain bank.
According to the late Wednesday announcement, the Nebraska Department of Banking & Finance granted Telcoin the final approval.
Telcoin Digital Asset Bank is granted final approval by the Nebraska Department of Banking and Finance.
A historic moment for blockchain innovation, this charter enables Telcoin to bring regulated stablecoins into traditional banking.
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Telcoin is a fintech firm that aims to transform finance by leveraging digital banking, blockchain, and telecommunications.
TEL, its native token, flipped bullish after the latest authorisation news, up over 100% in the last 24 hours to trade at $0.006391.
The move launches a new institution, Telcoin Digital Asset Bank, marking a key milestone for the company and the overall American financial landscape.
Notably, Governor Jim Pillen signed Telcoin’s charter, culminating in an extensive legislative foundation through the NFIA (Nebraska Financial Innovation Act), passed in 2021, to support the blockchain banking revolution in the USA.
Telecoin promises that its licensed eUSD stablecoin, backed by US dollars and Treasuries, will help drive blockchain adoption.
Commenting on the final approval, Telcoin CO Paul Neunrt said:
Our charter makes history, and not just for Telcoin, but for the entire US banking system. We’re proving that a bank can issue on-chain Digital Cash responsibly and operate in full alignment with US regulators. eUSD brings the speed, transparency, and affordability of blockchain into everyday finance in a way that anyone can use.
Telcoin’s eUSD pioneers digital cash
The regulated and fully backed stablecoin is at the core of Telcoin’s banking mission.
eUSD is 100% pegged to US dollar cash and short-term Treasuries, merging traditional banking credibility with blockchain efficiency.
eUSD is an interoperable, programmable money compatible with traditional finance and blockchain rails.
The stablecoin allows individuals to send, receive, and spend money on-chain, similar to using bank applications, while capitalising on the speed and transparency of blockchain.
Telcoin is not competing with the traditional banking setup, but looks to upgrade it.
While most companies go for non-depository certificates or limited trust charters, Telcoin can offer full banking services using its Digital Asset Depository Institution structure. The CEO added:
For us, this is not about stablecoins pulling money out of the banking system, but rather upgrading the technology of money, payments, and banking itself.
TEL price outlook
Telcoin’s digital token traded in the green as the broader market slumped.
TEL is hovering at $0.006391 after gaining 106% the last day.
Its 24-hour trading volume has increased by nearly 3,000%, underscoring robust activity from traders and speculative investors.
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