America’s First Bank-Issued Stablecoin Goes Live as Telcoin Launches eUSD

• eUSD becomes the first stablecoin issued by a fully regulated U.S. bank.
• Each eUSD token is backed one-to-one by dollars and short-term Treasury assets.
• The stablecoin launches on Ethereum and Polygon for fast on-chain payments.

Telcoin Digital Asset Bank has launched eUSD, describing it as the first stablecoin in the United States issued by a fully chartered bank. The digital dollar went live on December 26, weeks after the firm received approval under Nebraska’s Digital Asset Depository Institution framework.

The stablecoin has been issued on Ethereum and Polygon, with an initial supply of $10 million. Telcoin said eUSD is fully backed on a one-to-one basis by U.S. dollar deposits and short-term Treasury assets.

According to the company, eUSD is designed to connect regulated banking with on-chain finance. Balances held in Telcoin Digital Asset Bank accounts will link directly to eUSD tokens, allowing users to move funds between traditional accounts and blockchain networks.

Chief executive Paul Neuner said the launch marks the first step toward offering what he called “blockchain-native bank accounts.” The bank plans to begin onboarding U.S. customers in early 2026.

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Telcoin said eUSD can be used for direct, peer-to-peer payments without relying on traditional payment processors. The bank positions the stablecoin as a digital equivalent of cash, allowing consumers and businesses to send and receive payments instantly on supported blockchains.

Because the system is built around smart contracts, the bank said eUSD can also support programmable financial services that settle in real time while remaining within a regulated environment.

How eUSD Differs From Existing Stablecoins

Most major stablecoins in circulation, such as USDC and USDT, are issued by private companies rather than banks. While those issuers release reserve reports, they are not regulated as deposit-taking institutions.

Telcoin said eUSD stands apart because it is issued by a U.S.-chartered bank, with reserves held directly on the bank’s balance sheet and governed by a legal framework created specifically for payment stablecoins. 

The company argues this structure reduces reliance on third-party custodians and lowers counterparty risk.

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