The former Signet developer plans to introduce a marketplace for stablecoin issuers and regional banks to manage reserves early next year.
By Krisztian Sandor|Edited by Nikhilesh De Jul 23, 2026, 6:10 p.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Tassat CEO Glen Sussman (Tassat)SummaryShow- Tassat has initiated Project NENYA, a platform for managing stablecoin reserves aimed at assisting regional and midsize U.S. banks in attracting deposits currently held by a select few institutions.
- Set to begin pilot operations in early 2027, the platform will create a collaborative marketplace for regulated stablecoin issuers to distribute reserves across banks and high-quality liquid assets while assessing pricing, liquidity, and counterparty risk.
- According to Tassat’s CEO, as the stablecoin sector evolves towards a multi-trillion-dollar industry, it is crucial to diversify reserves across numerous banks to mitigate liquidity and deposit risks and prevent smaller banks from being excluded from the market.
Tassat, a fintech company that developed Signature Bank's previous Signet blockchain payments system, is launching a platform focused on stablecoin reserve management. This initiative is intended to assist regional and midsize banks in the U.S. as the stablecoin market is anticipated to expand into a multi-trillion-dollar sector.
The company recently introduced Project NENYA, also known as its Smart Reserve Management & Execution Engine, along with a white paper detailing the project. Tassat aims to roll out this platform in early 2027 after initiating pilot programs in the first half of that year.
This initiative is specifically designed for smaller banks that often do not possess the necessary technology, compliance frameworks, or personnel to effectively support stablecoin issuers.
It aims to create a shared marketplace that connects regulated stablecoin issuers with banks for the allocation of reserves across cash deposits and tokenized high-quality liquid assets. Banks involved can bid for deposits, while issuers can distribute their reserves among various institutions, keeping track of pricing, liquidity, and counterparty risks.
“Many banks have expressed interest, saying they would like to engage in this market. However, they lack the needed infrastructure, compliance, and even knowledge on how to properly price reserve deposits,” Tassat CEO Glen Sussman shared with CoinDesk in an interview.
This announcement arrives as stablecoins gain traction in mainstream finance, particularly following the enactment of the GENIUS Act. Major financial institutions are enhancing their stablecoin initiatives, with Citi predicting that the market may reach approximately $4 trillion by 2030.
Sussman emphasized that concentrating reserves in a limited number of institutions could pose liquidity and deposit risks as the market scales.
“If stablecoins grow to $5 trillion or $10 trillion, a mechanism must be in place to ensure market equilibrium,” Sussman stated. “It cannot be confined to a small circle, as that would exacerbate risks for all parties involved.”
While the platform will not operate on a blockchain, Tassat intends to link it with networks for tokenized assets and deposits. Sussman mentioned that this strategy reduces the technical requirements for smaller banks.
“There is a significant risk that many U.S. banks could be left behind,” he remarked. “This situation is not politically or economically advantageous for the United States.”
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Crypto Flows, Share and the Selective Rotation
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Markets have shifted since June, with Binance maintaining a significant share (~55% user funds, ~24% spot) while experiencing net inflows in early July, even as the broader market faced outflows.
By CoinDesk ResearchJul 22, 2026Markets have shifted since June, with Binance maintaining a significant share (~55% user funds, ~24% spot) while experiencing net inflows in early July, even as the broader market faced outflows.
Why it matters:
Markets have shifted since June, with Binance maintaining a significant share (~55% user funds, ~24% spot) while experiencing net inflows in early July, even as the broader market faced outflows.
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