N3XT Shatters Banking Barriers: Launches US Narrow Bank with Wyoming’s Coveted SPDI Charter
Forget waiting in line at the brick-and-mortar branch. The future of banking just got a major upgrade, and it's built on a foundation of regulatory clarity.
The New Blueprint
N3XT isn't just launching another fintech app. It's constructing a fully-fledged, state-chartered narrow bank from the ground up. By securing the Wyoming Special Purpose Depository Institution (SPDI) license, the firm bypasses the federal morass and gains a clear, state-level runway. This charter isn't a loophole—it's a legally recognized on-ramp for digital asset firms craving legitimate banking services without the legacy baggage.
Why Wyoming Wins
While other states dither, Wyoming's legislature has been aggressively pro-innovation, crafting laws that define digital assets and create bespoke charters for businesses that handle them. The SPDI is the crown jewel. It allows institutions to act as custodians and facilitators for both fiat and digital currencies, all under the watchful eye of state regulators. It's a sandbox with guardrails, offering the legitimacy traditional finance demands with the flexibility crypto-native companies need.
A Narrow Path to Broad Impact
The 'narrow bank' model is the secret sauce. Unlike a traditional commercial bank that lends out your deposits, a narrow bank primarily holds client funds in secure, low-risk assets (think U.S. Treasuries). This drastically reduces risk and complexity. For crypto ventures and their clients, it means a safe harbor for assets without worrying about a bank's speculative loan book going south—a concern that's more than theoretical after the last few years in finance, where 'prudent risk management' is often just something discussed in quarterly reports before the next bailout.
The move signals a tectonic shift. We're witnessing the early formation of a parallel financial system—one built with digital assets in its DNA, operating with licensed precision. It's not a rebellion against the old guard, but a competitive build-out right next door. The race to bridge digital and traditional finance just found its fastest lane.
N3XT rolls out crypto banking platform for business transactions
Wyoming is leading the way in securing America’s leadership in financial innovation.
Digital assets give us the freedom to make instant, 24/7 transactions. @N3XTinc is building the future of finance, and it all starts in the Cowboy State.
🔗https://t.co/me3Yrw3tED pic.twitter.com/gt2OoW33gK
— Senator Cynthia Lummis (@SenLummis) December 4, 2025
According to a press release, the banking platform will operate globally under a Wyoming Special Purpose Depository Institution charter. The bank’s blockchain will integrate stablecoins, utility tokens, and other cryptocurrency assets to offer a range of cryptocurrencies for its customers. Businesses will be able to schedule international crypto payments on the N3XT platform.
The bank aims to address the challenges facing global business transactions. The usual channels typically require multiple approvals from different players, extending the process for days due to differences in time zones, according to the announcement.
The announcement also detailed that N3XT has been rolled out as a proven concept for companies in crypto, shipping and logistics, foreign exchange, and other sectors. The company stated that it secured three rounds of financing from leading companies and major investors, including Potenza Capital, Paradigm, Pharsalus, Reciprocal Ventures, Winklevoss Capital, HACK VC, Future Perfect Ventures, and Jesselson Capital.
Jeffrey Wallis, CEO & President of N3XT, commented on the innovation, stating that money should move effortlessly, just like information. He also added that N3XT is incorporating crypto innovations into the banking industry to facilitate high-speed, programmable transactions for institutional clients.
He explained that the N3XT platform will provide enterprises with 24/7 control and reliability, enabling them to capitalize on the global economy.
Alana Palmedo, Managing Partner of Paradigm, an investor in N3XT, also reflected on the banking platform, stating that the financial industry is transitioning to be “internet native,” serving globally around the clock instead of adhering to traditional working hours.
European banks join hands to unveil euro-pegged stablecoin
N3XT is not the only banking institution exploring blockchain technology as a means of powering cross-border payments and transactions. Cryptopolitan recently reported that ten European banks partnered in a collaborative effort called Qivalis aimed at deploying a euro-pegged stablecoin for 24/7 cross-border corporate payments and settlement processes.
These banks include KBC, BNP Paribas, ING, UniCredit, SEB, Danske Bank, Banca Sella, DekaBank, CaixaBank, and Raiffeisen Bank International. According to an announcement by PNB Paribas, the alliance aims to obtain an electronic money institution license and is preparing to launch the stablecoin in the second half of 2026.
Japan also joined the stablecoin development race by giving large banks the green light to jointly develop. The country’s Financial Services Agency has announced that it will support the development of stablecoins in three of Japan’s largest banks. MUFG said in a release that Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group will jointly issue stablecoins, which will be tested for use in cross-border payments.
Japanese multinational conglomerate Sony Bank has also announced plans to roll out a dollar-backed stablecoin, which will be used to pay for games, anime, and digital subscriptions across Sony’s ecosystem. The stablecoin will operate across time zones to facilitate instant payment solutions for Sony’s business operations and be backed by stable, SAFE assets, such as government bonds.
Data from the blockchain analytics platform Token Terminal shows that stablecoin supply is currently at an all-time high of $294.868 billion across major networks, including Ethereum, Tron, Solana, and Polygon, among others.
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