TL;DR: WLFI did not receive approval to become a full commercial bank. It received preliminary conditional approval for a narrow national trust-bank charter focused on issuing and redeeming USD1, managing its 1:1 reserves and providing institutional crypto custody. It cannot accept ordinary deposits, make loans, operate fractional-reserve banking or offer FDIC insurance – and it still must satisfy OCC conditions and pass a final examination.
@hanma_ogre I bought just before Paul came back to he was kinda anti-moonboy from the beginning. When it comes to banking the unbanked, $tel is still about it.
A lot of projects fail and people usually move on but not with $tel, bitter holders I think. If they lost hope, they would sell
Happy to announce that @TelcoinPaul will address this year's Flyover Fintech conference in Lincoln, Nebraska!
Join us August 4th to learn more from his insights into the future of banking, digital assets, and all things fintech.
Secure your spot today ➡️ https://t.co/DOhiQdn1sz
Telcoin's digital asset bank just opened real US accounts tied to its stablecoin
@telcoin has switched on eUSD bank accounts in version 5 of its wallet, opening them to US residents. It is the consumer rollout the company has been building toward since winning the first US digital asset bank charter in Nebraska last year.
The accounts link directly to base:0xcfa3ef56d303ae4faaba0592388f19d7c3399fb4, Telcoin's bank-issued, on-chain dollar backed by deposits and short-term Treasuries. Telcoin is a regulated Nebraska bank chartered specifically to issue stablecoins, which it bills as making these the first US bank accounts tied directly to on-chain dollars.
The market noticed. telcoin:native jumped about 17% on the news, and daily volume spiked over 500%.
@WesternLensman So lock the price and liquidate the stockholders in one massive sell and give their money away to people who took no risk so they can buy whatever.
Then we could just keep doing that all the time to anyone who made money!