Telcoin Digital Asset Bank, operating under a charter from the Nebraska Department of Banking and Finance, has launched eUSD, the first U.S. dollar stablecoin issued directly by a regulated bank on public blockchains. The stablecoin debuted simultaneously on the Polygon and Ethereum networks, with an initial mint of $10 million.
The issuance is a landmark event under the Nebraska Financial Innovation Act and aligns with federal guidelines from the GENIUS Act. This framework allows Telcoin, as a state-chartered digital asset depository institution, to issue a regulated "digital cash" stablecoin directly through its banking structure, differentiating it from non-bank stablecoin issuers. The bank confirmed eUSD is backed 100% by U.S. dollar deposits and Treasuries, with reserves held in controlled custodial arrangements for transparency.
Telcoin CEO Paul Neuner described the launch as "phase one" of the bank's operations, framing it as the opening step toward offering full blockchain-native bank accounts. The broader rollout will proceed in phases over the coming months. Customer onboarding for personal and business accounts is scheduled to begin in early 2026, with personal accounts to be delivered through the upcoming V5 release of the Telcoin Wallet.
Polygon's official social media channel hailed the launch as "a meaningful step" and a milestone for U.S. banking on public blockchain infrastructure. The network's selection underscores its positioning for scalable, compliant financial products. This development follows other recent Polygon initiatives aimed at mainstream adoption, including partnerships with Mastercard and Mercuryo for Crypto Credential access in self-custody wallets.
The launch signals a structural shift towards regulated, blockchain-native financial infrastructure in the United States, potentially paving the way for broader institutional adoption of public chains for compliant financial services.
