Monet Bank, a small bank in Texas owned by billionaire Andy Beal, is entering the world of cryptocurrency banking, aiming to provide digital asset services to its clients.
The bank was founded in 1988 as Beal Savings Bank, but it has changed its name twice this year, first to XD Bank and then to Monet Bank.
According to its website, “Monet is focused on being the premier digital asset financial institution, providing innovative and forward-facing solutions for the digital economy.” The bank operates six offices, is regulated by the Federal Deposit Insurance Corp. (FDIC), and holds less than $6 billion in assets with just over $1 billion in capital, which makes it a small community bank by U.S. standards.
This shift follows changes under the Trump administration, where federal regulators removed earlier guidance that cautioned banks about handling digital currencies. The FDIC’s acting chair, Travis Hill, recently told lawmakers that the agency expects to propose rules for the crypto sector, linked to the stablecoin-focused GENIUS Act.
Beal brings experience and political ties
Andy Beal, founder of Beal Financial Corp., is known as a skilled investor during financial downturns. With this announcement, Monet is joining a growing field of banks that are now serving crypto clients. Erebor Bank, backed by Peter Thiel’s Founders Fund, recently received a conditional charter from the Office of the Comptroller of the Currency (OCC).
Additionally, N3XT, a Wyoming Special Purpose Depository Institution launched by former executives of Signature Bank, now uses a private blockchain for instant payments. Monet also plans to use blockchain technology, which could make transactions faster and safer. Interest in crypto is high, with Bitcoin reaching a new all-time high (ATH) of $126k in 2025.
Beal is known for investing smartly during financial crises. He has a long history in banking and finance and is also a notable political donor, including support for Donald Trump’s 2016 presidential campaign. With this initiative, Monet Bank plans to combine traditional banking safety with services for cryptocurrency users, like lending and custody for digital assets.
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