Tassat wants to help smaller banks tap the trillion-dollar stablecoin boom before Wall Street lock them out

Tassat, a fintech company known for developing Signature Bank’s former Signet blockchain payments network, has launched Project NENYA, a stablecoin reserve management platform aimed at assisting regional and midsize U.S. banks. The platform is designed to help these banks compete for stablecoin deposits, which have become concentrated among a small number of specialist institutions. Tassat expects to begin pilot testing early in 2027, with a full launch planned later that year.

Project NENYA will create a shared marketplace enabling licensed stablecoin issuers to allocate their reserves across a network of banks and tokenized high-quality liquid assets. This marketplace is intended to help smaller banks, which often lack the technology, compliance infrastructure, and expertise to service stablecoin issuers. Banks will be able to bid for deposits, while issuers can monitor key factors such as pricing, liquidity, and counterparty risk across multiple institutions, thus allowing a more diversified and efficient distribution of stablecoin reserves.

According to Tassat’s CEO Glen Sussman, as the stablecoin market continues its rapid growth—with estimates projecting it could reach $4 trillion by 2030—concentrating reserves solely within a few large banks poses substantial liquidity and deposit risks. Sussman emphasized the importance of spreading stablecoin reserves to reduce systemic risks and prevent smaller banks from being excluded from this growing segment of the financial system, describing such exclusion as economically and politically unhealthy for the U.S.

Tassat clarified that Project NENYA itself will not operate on a blockchain platform but will connect with tokenized asset and deposit networks, thereby lowering the technical and compliance burdens for smaller banks. This solution aims to democratize access to stablecoin-related deposits and embed smaller banks more firmly within the evolving landscape of stablecoin finance amid increasing mainstream adoption following regulatory developments like the GENIUS Act.