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.-char

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.-char

Telcoin has launched eUSD, the first US bank-issued stablecoin compliant with regulations, following approval from Nebraska's banking authority. eUSD, issued on Ethereum and Polygon, is a digital cash backed 1:1 by USD deposits and short-term US Treasury bonds, enhancing transparency and trust.

On November 13, 2025, the fintech company Telcoin obtained a full banking license issued by the Nebraska Department of Banking and Finance, driving its TEL Token price to rise by 75%, with a market capitalization exceeding 515 million USD. The license allows Telcoin to accept customer deposits, issue loans, and provide bank-like services using its native eUSD stablecoin, while also becoming the first bank in the United States explicitly authorized to connect customers with DeFi protocols. This milestone event marks a new phase in the integration of Crypto Assets and TradFi, opening avenues for small and medium-sized banks to offer Compliance encryption services.

Telcoin has obtained a charter license issued by the Nebraska Department of Financial Institutions to launch the first digital asset bank in the United States, offering services connected to the "Digital Cash" stablecoin, with its eUSD becoming the first on-chain dollar stablecoin issued by a bank.

Author: 0xLoki, Xinhuo Technology Source: X (original Twitter) @Loki\_Zeng 1. The essence of eUSD is that the opportunity cost is ~7%-mint APY; a bond with a coupon rate of ~5.5% will naturally unanchor upward. PeUSD has a fixed borrowing cost of ~1.5%, and it is possible for it to unanchor upward or downward based on supply and demand. v (generally the probability of going down is higher) 2. The processing of v1-eUSD, v2 TVL migration, and DLP restrictions are not smooth, and every step will lead to TVL loss. 3. Reducing the DLP requirement from 5% to 2.5% is a complete failure. The original intention is to slow down the loss of TVL, but in fact there are only two categories of users: 5% and 0%. After reducing to 2.5%, 0% users may increase, but 5% users have a greater tendency to smash the market. The above problems are essentially economic problems and can be solved using economic methods...

Author: Loki, Xinhuo Technology > Introduction: The author believes that MakerDAO’s Spark Protocol adjusts the DAI deposit APY (DSR) to 8%, which is essentially to compensate users for the opportunity cost of holding traditional assets such as ETH and USDC, while emerging stablecoins such as eUSD and DAI will rely on high interest rates It continues to squeeze the market space of established stablecoins such as USDC. At the same time, the interest-bearing and circulation attributes of DAI can be stripped to improve the capital utilization efficiency of MakerDAO DSR. > > 1. Starting from the growth of DAI First of all, there is a question: why does MakerDAO provide DAI with a high rate of return of 8%? The answer is very clear - Maker hopes to transfer its own income, actively provide arbitrage space for users/markets, and achieve DAI scale growth through subsidies. According to Ma...

Author: Loki, Xinhuo Technology Due to the large amount of information in this article, readers are required to have some reserve knowledge of some of Lybra's regulations. Readers who are not familiar with Lybra can first read the basic information about Lybra in other places, and then develop an in-depth understanding of this article. 1. What are the sources of eUSD income? The income of eUSD consists of three parts: (1) Minting proceeds (debt proceeds) (2) Holding income (3) Mining income. Mining revenue and mining revenue are relatively easy to understand. According to the official document information, 78% of esLBR output is allocated to eUSD lenders, and 7% is allocated to the eUSD-USDC Curve pool. These two incomes are essentially mining subsidies. It should be noted that the minting income depends on the amount of debt, that is to say, even if the minter transfers or converts eUSD to other Tokens, it can still...

How to create sufficient liquidity and rich circulation scenarios for eUSD will become a crucial part of the protocol development.