United Texas Bank obtains national charter from the OCC, becoming a new competitor in the Wall Street cryptocurrency sector

According to CoinDesk, United Texas Bank (UTB) has received approval from the Office of the Comptroller of the Currency (OCC) to convert from a state-chartered bank to a national-chartered bank, becoming one of the first banks to complete the OCC conversion since the Dodd-Frank Act was passed 15 years ago. The bank's CEO Scott Beck stated that this move gives it the same federal license and direct access to the Federal Reserve payment system as large banks like Bank of America and JPMorgan Chase.

The bank currently clears about $10 billion monthly for global crypto enterprises and has launched the AI-driven real-time payment network UTB Atomic and the compliance platform UTB Prism Sentinel to restore 24/7 crypto liquidity. The bank also plans to launch a digital asset custody and trust services division this summer.