Quick take:
- The Telcoin Digital Asset Bank is set to open later this year, paving the way for the company to enter the stablecoin market with its Bank-issued eUSD (Digital Cash) stablecoin.
- The funding also enables Telcoin to meet capital requirements for its conditionally approved Nebraska Digital Asset Depository Institution charter.
- The announcement comes amid growing interest in stablecoin after Trump signed into law the GENIUS Act in July.
Telcoin said in a press release on Tuesday that it has raised $25 million in an ongoing pre-Series A funding round to accelerate the launch of its US-regulated digital asset bank. The Telcoin Digital Asset Bank is set to open later this year, paving the way for the company to enter the stablecoin market with its Bank-issued eUSD (Digital Cash) stablecoin.
The funding also enables Telcoin to meet capital requirements for its conditionally approved Nebraska Digital Asset Depository Institution charter. The announcement comes amid growing interest in stablecoin after Trump signed into law the GENIUS Act in July.
Commenting on the announcement, Telcoin CEO and founder Paul Neuner, said: “Telcoin is betting that consumers really just want usable digital dollars, not a bunch of different branded USD stablecoins.”
Alongside its multi-currency eXYZ Digital Cash offering, Telcoin believes the eUSD stablecoin can unlock the mainstream usability of crypto technology for everyday use in payments and banking in a way that non-bank stablecoins cannot.
“We’re grateful to have such strong partners backing us as we take this next step. With our first-of-its-kind bank and stablecoin, we’re providing real access to bridge the gaps between traditional banking and decentralized finance. Unlike the offshore or non-bank alternatives in the market today, eUSD will give people a regulated, trustworthy way to use digital dollars at scale,” added Neuner.
The company did not disclose the names of investors in the round. However, Matt Maser, who represents one of the large investors joining the round, highlighted Telcoin’s potential impact in the U.S. stablecoin market as one of the most exciting things about the company.
“There’s enormous value in bringing stablecoins into a banking environment that banks and their customers can trust. This isn’t just about faster and safer transactions in Nebraska, but ensuring that the U.S. remains competitive on the global financial stage,” Maser said.
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