Signature Bank, a full-service, commercial bank situated in New York City, has joined forces with TrueUSD.
Signature Bank, a full-service commercial bank based in New York, announced a partnership with TrueUSD. Signet, Signature Bank’s blockchain-based, digital payments platform, will incorporate TrueUSD’s TUSD stable token to provide customers with immediate recompense.
Truly, an unbiased auditing company validated Signature Bank’s affinity to TrueUSD through TrueUSD’s partnership. It is to assure clients have access to the first-ever digital asset-backed 1:1 with US dollars Proof Reserves. Additionally, TrueUSD provides its consumers with the most trustworthy dollar-pegged asset by ensuring transparency in its banking and auditing relationships. TUSD’s circulating supply is now over $1.4 billion, with monthly trade volume in the billions.
The foremost FDIC-insured Bank to launch a blockchain-based digital payment platform was Signature Bank. An Ethereum-based expenses platform, Signet, allows commercial clients to complete real-time payments in U.S. dollars, 24/7/365.
Why is stablecoin a hot topic
Indeed, Stablecoins are a hot topic for banks as more firms experiment with blockchain-based products and services.
However, stablecoins are not all the same, and some of them are being targets by enforcement agencies; amongst them is tether (USDT). Nevertheless, some are breaking the mold and discovering ways to enhance the existing model. Stablecoins are regaining an important position in trade and decentralized finance, with banks gradually discovering their benefits (defi).
When Signature Bank began using stablecoins for payments, it was the first financial institution in the United States to do so. . The multichain stablecoin (TUSD) will integrate with Signet’s digital payments platform (Signet). TUSD minting and redemption are now possible directly on the site.
The President and Chief Executive Officer of Signature Bank, Joseph J. DePaolo, said they welcome TrueUSD to their ever-growing ecosystem. The affinity with TrueUSD enhances Signature Bank’s offering to its current commercial clients. Engagements like this one consequently, help Signature Bank cement its position as a premier financial institution in the digital asset industry.
Chairperson of TrueUSD, Jennifer Jiang, also commented that TrueUSD establishes bring reliable financial options to the world. For TUSD to gain traction as an accepted, dollar-backed digital currency, Signature Bank’s Signet platform integration is a critical step. TUSD’s integration with Signet provides an additional real-time compensation option for overseas clients.
To that end, TUSD’s new partnership with Signature Bank puts the most transparent digital dollar in more hands, faster. Thus, Rafa Cosman, CEO of TrustToken, believes that providing TUSD users with a new means to pay via Signet is critical to improving TUSD’s accessibility, transparency, and utility