American licensed bank Telcoin officially opens for business, simultaneously launching the eUSD stablecoin on the Ethereum and Polygon blockchains. This is the first time a licensed bank in the United States has issued a dollar-pegged stablecoin, marking a formal step of traditional financial institutions into the crypto space.

On the surface, this move is very strategic. Bank-backed stablecoins inherently have a credit advantage and are more likely to gain recognition from mainstream financial institutions compared to purely on-chain projects. eUSD's choice to launch on both Ethereum and Polygon, which already have substantial user bases and application scenarios, theoretically accelerates the flow of traditional funds into DeFi and other application areas.

However, reality is often more complex. First, there is regulatory uncertainty—the US crypto policy framework is still being developed, and policy changes could at any time impact the operation of stablecoins. Second, market competition is fierce; USDC and USDT have already established strong moats in liquidity and ecosystem integration, making it difficult for eUSD to carve out a position in this red ocean. Additionally, Ethereum's gas costs and occasional network congestion on Polygon could affect user experience.

Essentially, this is a tentative collaboration between traditional financial institutions and on-chain innovative projects. Whether they can develop a sustainable model remains to be seen, and the market will ultimately provide the answer. From the perspective of stablecoin development, similar "compliant entry" cases will become more common, but only a few will survive and grow large. It's still early to judge, but this move has indeed given the entire industry a boost.