Nebraska joins the digital asset race (but Wyoming laid the tracks)

On November 13, the state of Nebraska announced that it had officially granted the “first in the nation” state charter for a digital asset bank in the United States.

Governor Jim Pillen signed the card, which allows Telcoin Digital Asset Bank to operate out of Nebraska and issue stablecoins, to attract fintech companies and put itself on the map as a center for digital asset innovation.

But as Wyoming Governor Mark Gordon was quick to point out, Nebraska isn’t really the pioneer it claims to be; Wyoming has been going this route for years.

Big news from Nebraska (but not the first nation)

Governor Pillen’s social feeds crackled with celebration as Nebraska awarded its inaugural digital asset bank charter to Telcoin, promising to mint stablecoins and carve out a space for innovators in payments. The message to crypto entrepreneurs was clear: “Nebraska is open for your business.” For a state that is rarely on the cutting edge of fintech, it felt like a moon landing.

Yet just hours later, Wyoming’s Mark Gordon reminded the world that Nebraska’s charter is not a first. He he wrote: :

“#Wyoming, which has been active in this space since 2017, welcomes Nebraska to the forefront of digital innovation, but wanted to set the record straight. Wyoming was ‘first in the nation’ and Wyoming is truly ‘open for business.’

Custody Bank Caitlin Longthat has helped Wyoming become a beacon for full digital asset banking, applauds the Wyoming governor’s position.

“Crazy overreach from Nebraska to claim to be the first in the nation, when #Wyoming has already chartered 5 digital asset banks (two of which have been operating for several years, not just recently chartered). Welcome to the party!”

Wyoming’s winding road and Caitlin Long’s perspective

Wyoming’s journey with digital asset banking began long before it was a trend. The state established the regulatory framework, issued several bank cards, and welcomed forward-looking companies that wanted a clear legal path.

Long, known for her leadership at Avanti (now Custodia Bank), revolutionized the state’s reputation by combining transparency with innovation, a combination that Nebraska is just now discovering.

While Nebraska is rightly proud of its progress and can claim the first card of its kind in the Cornhusker State, the broader story of the digital asset extends to Wyoming’s playbook. From tokenized assets to crypto-friendly legislation, the Equality State has set the pace for others to follow.

A tale of two states in crypto

The digital asset bank race is heating up, but records matter. Nebraska’s move highlights fresh energy and mainstream momentum for stablecoin banking. It promises both the creation of jobs and technological partnerships. Wyoming, meanwhile, continues to quietly build the rails under much of the US’s crypto banking infrastructure.

So what comes next? Nebraska’s charter creates real excitement (if not, a bit of competitive tension) among states eager to shape America’s financial future. But if there’s a lesson here, it’s to check the history before claiming a premium.