“The bank is owned by billionaire Andy Beal, a major supporter of US President Donald Trump’s 2016 campaign.β, β write: www.coindesk.com
The Texas lender opened in 1988 as Beal Savings Bank and earlier this year changed its name to XD Bank before changing again two months later to Monet Bank. The state-chartered institution is regulated by the Federal Deposit Insurance Corp. and has six offices, according to federal data.
Owner Andy Beal, who founded Beal Financial Corp., is known as a high-level poker player and a major 2016 backer of Trump’s successful presidential campaign, having funded his own political action committee. The Information first reported on Monet Bank’s shift to focus on digital assets earlier Friday.
It joins a slowly growing field of banks aiming to serve the crypto industry. In October, the Office of the Comptroller of the Currency (OCC) granted a conditional charter to Erebor Bank, a new tech-focused firm backed by Founders Fund’s Peter Thiel (who is also invested in CoinDesk parent Bullish. And earlier this week, former Signature Bank executives launched N3XT, a narrow bank chartered as a Wyoming Special Purpose Depository Institution that says it will settle payments instantaneously through a private blockchain.
The shift comes amid a broader change in how federal bank regulators are approaching crypto. Since Trump took office, his regulators have withdrawn existing guidance warning banks under their supervision to be careful handling crypto and published fresh guidance aiming to let the crypto industry better access banking services.
The FDIC’s acting chair, Travis Hill, told lawmakers that his agency also expected to propose rules for the crypto industry β tied to the stablecoin-focused GENIUS Act β during a hearing earlier this week.
Beal’s company did not immediately respond to a request for comment sent to a media line at its affiliate, Beal Bank.
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence’s Token Security API averaged 717 million monthly calls year-to-date in 2025, with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch, the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B, while derivatives volume peaked the same month at over $4B.
View Full Report
The IMF released a report that campaigns in favor of CBDCs and warns against the risk stablecoins represent, sparking criticism among crypto experts.
- The International Monetary Fund released a report highlighting the risks stablecoins pose to monetary sovereignty and financial stability.
- The report argues for Central Bank Digital Currencies as a solution to the challenges posed by stablecoins.
- Critics, including industry leaders, argue that stablecoins offer benefits in unstable fiat economies and can coexist with CBDCs.
Read full story