Tassat, the fintech firm behind Signature Bank's former Signet blockchain payments network, has officially announced Project NENYA - a stablecoin reserve management platform designed to help regional and midsize U.S. banks compete for stablecoin reserves. According to the latest announcement, the company expects the platform to launch in early 2027 after pilot programs begin in the first half of the year. The initiative targets smaller banks that often lack the technology, compliance infrastructure and staff needed to service stablecoin issuers directly. Regional and midsize banks are actively seeking ways to participate in the fast-growing stablecoin market as reserve deposits remain concentrated among a small group of specialist institutions.
The platform addresses a significant market opportunity as stablecoins move further into mainstream finance following the passage of the GENIUS Act. As reported by CoinDesk, Citi projects the stablecoin market could reach roughly $4 trillion by 2030. Tassat CEO Glen Sussman argues that as the stablecoin market grows toward multi-trillion-dollar scale, spreading reserves beyond a small circle of large banks is necessary to reduce liquidity and deposit risks and to keep smaller banks from being shut out of the system. The fintech company expects pilot activity to begin in the first half of 2027, with a broader launch planned for early next year.
According to the latest white paper outlining the initiative, Project NENYA will create a shared marketplace where regulated stablecoin issuers can allocate reserves across banks and tokenized high-quality liquid assets while monitoring pricing, liquidity and counterparty risk. The system is designed to let issuers allocate reserves across cash deposits and tokenized high-quality liquid assets, while banks bid for deposits and track pricing, liquidity and counterparty exposure. As per Las Vegas Sun News, the platform will deliver a compliance-first marketplace where issuers and banks can discover pricing, manage risk, and optimize reserve allocation through a single connected network. Glendy Kam, Chief Product Officer at Tassat, emphasized that "The future of stablecoins cannot be built on fragmented relationships and opaque reserve management practices; it requires a transparent, efficient, and interconnected ecosystem that enables issuers and banks to operate with confidence at scale."
As reported by CoinDesk, Sussman highlighted the urgent need for infrastructure as banks express interest but lack the necessary infrastructure. "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,'" Tassman told CoinDesk. He emphasized that concentrating reserves among a few institutions could create liquidity and deposit risks, stating that "If you assume stablecoins scale to $5 trillion or $10 trillion, then there has to be something that helps the market reach equilibrium." The platform aims to address this concern by providing the necessary infrastructure and compliance framework for regional banks to participate in the growing stablecoin market.
According to CoinDesk, Sussman warned of potential economic consequences if smaller banks are excluded from the stablecoin ecosystem. "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." The platform aims to address this concern by providing the necessary infrastructure and compliance framework for regional banks to participate in the growing stablecoin market. The fintech company argues that broader participation by regional and midsize banks is necessary for market balance, with excluding large parts of the U.S. banking system being unhealthy both economically and politically.
