Monet Bank, a small bank in Texas owned by billionaire Andy Beal, is entering the world of cryptocurrency banking, aiming to provide digital asset services to its clients. The bank was founded in 1988 as Beal Savings Bank, but it has changed its name twice this year, first to XD Bank and then to Monet Bank.
According to its website, “Monet is focused on being the premier digital asset financial institution, providing innovative and forward-facing solutions for the digital economy.”
The bank operates six offices, is regulated by the Federal Deposit Insurance Corp. (FDIC), and holds less than $6 billion in assets with just over $1 billion in capital, which makes it a small community bank by U.S. standards.
This shift follows changes under the Trump administration, where federal regulators removed earlier guidance that cautioned banks about handling digital currencies.
The FDIC’s acting chair, Travis Hill, recently told lawmakers that the agency expects to propose rules for the crypto sector, linked to the stablecoin-focused GENIUS Act.
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