Overview
- The OCC approved United Texas Bank’s conversion from a Texas state charter to a national charter on May 15 and the bank attested that conversion conditions were satisfied on May 27, the bank said.
- UTB says the national charter gives it identical federal licensure to large money-center banks, direct access to the Federal Reserve’s wire and ACH systems, and keeps its FDIC insurance.
- The bank reports it already clears about $10 billion a month in U.S. dollar volume and processes more than $120 billion in crypto transactions a year, figures attributed to UTB leadership in the coverage.
- UTB developed UTB Prism Sentinel, a real-time blockchain surveillance system created to address a 2024 Federal Reserve consent order on BSA/AML compliance, and plans to roll out UTB Atomic, an AI-driven, off-balance-sheet, 24/7 clearing network that the bank says will restore round-the-clock settlement.
- The move aims to fill the settlement gaps left by the failures of Silvergate and Signature Bank and could expand federally backed banking options for crypto firms that have struggled to get services from major U.S. banks while the bank prepares to open custody and full-service trust offerings this summer.