The Singapore-headquartered fintech Telcoin has received conditional approval from Nebraska’s Department of Banking and Finance to establish the state’s first Digital Asset Depository Institution, the company announced on Feb. 4.

This decision brings Telcoin Bank closer to becoming the first regulated digital asset bank in the United States.

Telcoin Bank plans to combine traditional finance with blockchain services, utilizing its regulatory approval under Nebraska’s Financial Innovation Act.

The institution is expected to issue its stablecoin, eUSD, as part of its Digital Cash strategy.

Additionally, the company aims to provide cryptocurrency deposit services, digital asset loans, and access to decentralized finance (DeFi) services.

While a specific launch date has not been provided, operations are anticipated to begin later this year.