Tassat, the fintech firm behind Signature Bank's former Signet blockchain payments network, is building a stablecoin reserve management platform aimed at helping regional and midsize U.S. banks compete for stablecoin reserves as the sector is projected to grow into a multi-trillion-dollar market.
The company unveiled Project NENYA — otherwise referred to as its Smart Reserve Management & Execution Engine — on Thursday alongside a white paper outlining the initiative. Tassat said it expects the platform to launch in early 2027 after pilot programs begin in the first half of the year.
The project targets smaller banks that often lack the technology, compliance infrastructure and staff needed to service stablecoin issuers.
It is designed to connect regulated stablecoin issuers with banks through a shared marketplace for allocating reserves across cash deposits and tokenized high-quality liquid assets. Participating banks could bid for deposits, while issuers could spread reserves across institutions and monitor pricing, liquidity and counterparty exposure.
“There are banks saying: ‘We would love to participate in this. We don’t have the infrastructure. We don’t have the compliance. We wouldn’t even know how to price these reserve deposits,’” Tassat CEO Glen Sussman told CoinDesk in an interview.
The announcement comes as stablecoins move further into mainstream finance following the passage of the GENIUS Act. Wall Street firms and banks are expanding stablecoin initiatives, while Citi projects the market could reach roughly $4 trillion by 2030.
At that scale, Sussman said, concentrating reserves among a few institutions could create liquidity and deposit risks.
“If you assume stablecoins scale to $5 trillion or $10 trillion, then there has to be something that helps the market reach equilibrium,” Sussman said. “It can’t just live in a really small circle because that will compound the risk on both sides.”
The platform itself will not run on a blockchain, though Tassat plans to connect it with tokenized asset and deposit networks. Sussman said that approach lowers the technical burden for smaller banks.
“There is a real risk that vast swaths of the U.S. banking ecosystem get left out in the cold,” he said. “I don’t think that’s healthy politically for the United States. I don’t think it’s healthy economically.”