As Signature Bank expands its commercial banking products, trueusd stablecoin has been integrated with its digital payment platform based on the Signet blockchain to provide instant U.S. dollar payments.
Signet integration to provide 24/7 USD payment and settlement
As more and more companies sneer at the idea of blockchain-based products and services, stablecoins have become one of the areas that banks are fascinated by, especially considering their possibilities in terms of speed and reliability.
However, not all stablecoins are the same. Some stablecoins have become targets of law enforcement agencies, including Tether (USDT). Nevertheless, some people are breaking the rules and looking for ways to improve existing models. As stablecoins play an increasing role in transactions and decentralized finance (defi), banks are slowly realizing their favorable characteristics.
Signature Bank has become the first U.S. financial service provider to exclusively use stablecoins for payments. Its Signet digital payment platform has established a partnership with Trueusd to integrate its multi-chain stable currency (TUSD) with its payment service. Therefore, the platform can now provide TUSD minting and redemption in real time.
This move will enable the bank’s customers to use stablecoins, which are transparently backed 1:1 by U.S. dollar reserves, which can be verified regularly due to the proof of reserves and the help of external independent accounting firms. In addition, customers of the platform can send real-time U.S. dollar payments to other business customers around the clock, every day of the week.
Signature Bank was the first bank to obtain FDIC insurance and the New York State Department of Financial Services (NYDFS) approved U.S. commercial banks to launch a blockchain digital payment platform, and welcomed this development.
Joseph J. DePaolo, CEO and President of Signature Bank stated:
The relationship with Trueusd enhances the services Signature Bank provides to its existing commercial customers. Through this arrangement, Signature Bank has further consolidated its position as one of the upcoming banks in the digital asset field.
Trusttoken’s product Trueusd has a monthly trading volume of several billion U.S. dollars, and as of this writing, the circulating tokens are approximately 1.4 billion U.S. dollars. Due to its features such as real-time payment and settlement and a network of 100 global trading partners, TUSD has become a popular choice for defi protocols and other use cases that require instant transactions.
Jennifer Jiang, Chairman of Trueusd, concluded,
The integration with Signature Bank’s Signet platform is a milestone in the growth and adoption of TUSD as a proven U.S. dollar-backed digital currency. Our integration with Signet brings another secure real-time settlement option to TUSD customers worldwide.
What is the next step for banks to adopt cryptocurrency? Please let us know your thoughts in the comments section below.
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