Tassat's Project NENYA aims to open stablecoin reserve market to regional US banks

Tassat, the fintech company behind Signature Bank’s former Signet blockchain payments network, has unveiled Project NENYA, a stablecoin reserve management platform designed to give regional and midsize US banks a credible route into the stablecoin reserve business. The platform, formally described as a Smart Reserve Management and Execution Engine, was announced on 23 July alongside a white paper. Pilot activity is expected to begin in the first half of 2027, with a full launch to follow shortly after.

The core mechanic is a shared marketplace connecting regulated stablecoin issuers with participating banks, allowing issuers to spread reserves across cash deposits and tokenised high-quality liquid assets while tracking pricing, liquidity, and counterparty exposure in a single environment. Banks would be able to bid competitively for those reserve deposits, a function that smaller institutions currently lack the technology, compliance infrastructure, and pricing expertise to perform independently. Tassat’s CEO Glen Sussman cited the infrastructure gap directly, noting that prospective bank participants do not know how to price reserve deposits or meet stablecoin issuers’ compliance expectations.

The timing is deliberate. The passage of the GENIUS Act has accelerated mainstream stablecoin activity, and Citi projects the market could reach roughly four trillion dollars by 2030. Sussman argued that concentrating reserves among a small number of large institutions at that scale compounds liquidity and deposit risk on both sides of the market, and that the current trajectory risks leaving a large portion of the US banking system structurally excluded. The platform will not itself run on a blockchain, though Tassat intends to connect it with tokenised asset and deposit networks, a design choice intended to reduce the technical burden on smaller banks.