Wall Street · Federal Reserve (FED) · CoinDesk
Last week, Minnesota signed into law new rules allowing local banks to fight Wall Street for cryptocurrency profit
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For UTB, the conversion marks an ambitious operational pivot, Beck added.
Key facts
- In a 24/7 crypto market, traditional bank closures create massive settlement bottlenecks for institutional traders operating at 3:00 a.m
- United Texas Bank (UTB) secured approval from the Office of the Comptroller of the Currency (OCC) to convert from a state-chartered financial institution into a nationally chartered bank on May 15
- However, unlike traditional Wall Street firms that are beginning to explore the crypto ecosystem, UTB already “underpins a massive chunk of global crypto liquidity, clearing $10 billion a month
- The milestone makes the UTB one of the first banks in the U.S. to successfully complete an OCC conversion since the passage of the Dodd-Frank Act 15 years ago, Beck added
Summary
United Texas Bank has converted from a Texas state charter to a national charter approved by the Office of the Comptroller of the Currency, positioning itself as a crypto-focused bridge to the U.S. banking system. An official at the Dallas-based bank said it now has the same federal licensure and direct Federal Reserve access as major money-center banks, while already clearing about $10 billion a month in dollar volume for global crypto firms. UTB is launching UTB Atomic, a 24/7 AI-driven payments network paired with its UTB Prism Sentinel compliance platform, aiming to restore round-the-clock crypto liquidity and meet emerging federal rules on digital assets and stablecoins. A forty-year-old Texas bank is stepping onto the national stage to challenge Wall Street’s push to get a grip on the digital asset industry.