Polygon Powers First U.S. Bank-Issued Stablecoin on a Public Blockchain

• Polygon and Ethereum now host eUSD, a bank-issued, regulated U.S. dollar stablecoin launched under Telcoin Digital Asset Bank’s charter.
  
• Telcoin minted $10M eUSD and targets early 2026 customer onboarding for personal and business accounts via the Telcoin Wallet V5.
  

A U.S.-chartered digital asset bank has issued a dollar-backed stablecoin on a public blockchain, with Polygon selected as one of the launch networks. Telcoin Digital Asset Bank has rolled out eUSD on Polygon and Ethereum and minted $10 million worth of the token in its first issuance. The release positions Polygon at the center of what the company described as the first U.S. bank-issued stablecoin available on a public chain.

The rollout follows final charter approval granted last month by the Nebraska Department of Banking and Finance. The bank’s issuance framework references the Nebraska Financial Innovation Act and aligns with federal GENIUS Act guidelines, according to the announcement. 

The project frames eUSD as a regulated “digital cash” stablecoin issued directly through a bank structure rather than a separate non-bank entity.

Polygon news around the launch described it as a milestone for U.S. banking on public blockchain rails. Meanwhile, the bank linked the first mint to the start of initial blockchain banking operations and described the step as part of a move toward blockchain-native accounts in the United States. 

The first issuance places eUSD live on-chain, while the broader product rollout will proceed in a phased rollout over the coming months. 

As we previously covered, Polygon integrated Ethereum’s Fusaka EIPs in the Madhugiri hardfork to improve L1–L2 efficiency and strengthen security. The upgrade went live on December 9 at block 80,084,800 on the Polygon PoS mainnet.

eUSD Rollout Sets Timeline for 2026 Account Onboarding

eUSD is now available across both networks for transfers and settlement, and the launch is being presented as phase one of the bank’s operations. Telcoin CEO Paul Neuner described the issuance on Ethereum and Polygon as the opening step toward offering blockchain-native bank accounts under the Nebraska charter, with additional services scheduled as the platform build continues.

Customer onboarding is expected to begin in early 2026 as personal and business accounts come online. Personal accounts are planned to be delivered through an upcoming V5 release of the Telcoin Wallet, which is being positioned as the access point for account features. 

The bank is preparing operational workflows that support regulated issuance and payment activity within its banking structure. The near-term focus is set on readiness for retail access, with the stablecoin acting as the settlement instrument for future account-based services.

Polygon has been announcing new partnerships to support faster, lower-cost crypto transfers, including verified username-based payments that replace long addresses. As CNF reported earlier, Mastercard partnered with Polygon and Mercuryo to extend Crypto Credential into self-custody wallets.

CNF also previously covered that Polygon CEO Sandeep Nailwal expects 2026 to be pivotal as Polygon scales on-chain, cross-border payments. He linked the push to recent deals with Revolut and Mastercard, which support instant stablecoin transfers and Crypto Credential access for self-custody wallets.

Polygon’s POL trades at $0.1033, dipping 1.8% in the past day.