Jul 23, 2026, 6:10 p.m.
2 min read
Summary
- Tassat has launched Project NENYA, a stablecoin reserve management platform designed to help regional and midsize U.S. banks compete for deposits now concentrated at a few specialist institutions.
- The platform, expected to begin pilot activity in early 2027, 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.
- Tassat’s CEO 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.
Tassat, the fintech firm behind Signature Bank's former Signet blockchain payments network, is building a stablecoin reserve management platform aimed at helping regional and midsize U.S. banks compete for stablecoin reserves as the sector is projected to grow into a multi-trillion-dollar market.
The company unveiled Project NENYA — otherwise referred to as its Smart Reserve Management & Execution Engine — on Thursday alongside a white paper outlining the initiative. Tassat said it expects the platform to launch in early 2027 after pilot programs begin in the first half of the year.
The project targets smaller banks that often lack the technology, compliance infrastructure and staff needed to service stablecoin issuers.
It is designed to connect regulated stablecoin issuers with banks through a shared marketplace for allocating reserves across cash deposits and tokenized high-quality liquid assets. Participating banks could bid for deposits, while issuers could spread reserves across institutions and monitor pricing, liquidity and counterparty exposure.
“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,’” Tassat CEO Glen Sussman told CoinDesk in an interview.
The announcement comes as stablecoins move further into mainstream finance following the passage of the GENIUS Act. Wall Street firms and banks are expanding stablecoin initiatives, while Citi projects the market could reach roughly $4 trillion by 2030.
At that scale, Sussman said, concentrating reserves among a few institutions could create liquidity and deposit risks.
“If you assume stablecoins scale to $5 trillion or $10 trillion, then there has to be something that helps the market reach equilibrium,” Sussman said. “It can’t just live in a really small circle because that will compound the risk on both sides.”
The platform itself will not run on a blockchain, though Tassat plans to connect it with tokenized asset and deposit networks. Sussman said that approach lowers the technical burden for smaller banks.
“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.”
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Crypto Flows, Share and the Selective Rotation
Crypto Flows, Share and the Selective Rotation
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Jul 22, 2026
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters:
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.