Signature Bank’s blockchain payment platform accepts Trueusd stablecoin – Bitcoin News

As Signature Bank expanded its commercial banking offerings, the trueusd stablecoin was integrated into its blockchain-based digital payment platform, Signet, to enable instant dollar payments.

Signet integration for 24/7 dollar payments and settlements

As more and more companies flirt with the idea of ​​blockchain-based products and services, stablecoins are one of the areas of fascination for banks, especially given their possibilities in terms of speed and reliability.

Still, not all stablecoins are created equal, and some have been targeted by law enforcement agencies, including Tether (USDT). Still, some are going out of style and finding ways to improve on the existing model. As stablecoins play an increasingly important role in trading and decentralized financing (defi), banks are slowly starting to recognize their beneficial properties.

Signature Bank was the first US financial services provider to introduce stablecoins specifically for payments. Its digital payment platform Signet has partnered with Trueusd to integrate its multichain stablecoin (TUSD) into its payment services. Accordingly, the platform can now offer TUSD coinage and redemption in real time.

The move gives the bank’s customers access to the stablecoin, which is transparently backed 1: 1 by US dollar reserves, which can be regularly checked thanks to onchain reserve certificates and the help of an external, independent auditing company. In addition, the platform’s customers can send US dollar payments to other business customers in real time around the clock, every weekday.

Signature Bank, the first FDIC-insured US commercial bank approved by the New York State Department of Financial Services (NYDFS) to introduce a digital blockchain payment platform, has welcomed the development.

According to Joseph J. DePaolo, CEO and President of Signature Bank:

The relationship with Trueusd expands Signature Bank’s offering for its existing business customers. Through agreements like these, Signature Bank further strengthens its position as one of the leading banks in the field of digital assets.

Trueusd, the product of Trusttoken, expects a monthly transaction volume in the billions, with approximately 1.4 billion US dollar tokens in circulation at the time of creation. Thanks to its properties such as real-time payment and settlement, as well as a network of 100 global trading partners, TUSD has become a popular choice for defi protocols and other use cases that require instant transaction capability.

Trueusd chairwoman Jennifer Jiang concludes:

The integration with Signature Bank’s Signet platform is a monumental milestone in the growth and adoption of TUSD as a certified, dollar-backed digital currency. Our integration in Signet offers global TUSD customers another secure real-time settlement option.

What’s next with the banks’ introduction of crypto? Let us know what you think in the comments section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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