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Signature Bank Taps Tether Rival TrueUSD for Payments Platform
Signet is a real-time payments platform built on the Ethereum blockchain.
Updated Sep 14, 2021, 1:13 p.m. Published Jun 18, 2021, 10:18 a.m.
Signature Bank has added stablecoin TrueUSD to its blockchain-based payments platform, Signet.
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- The addition allows commercial clients of New York-based Signature Bank to use the coin for instant payments, the company said in a press release.
- Signet is a real-time payments platform built on the Ethereum blockchain. It is the first such platform approved for use by the New York State Department of Financial Services.
- TrueUSD is backed 1:1 with U.S. dollars, and the collateralization is independently verified by a top U.S. accounting firm. The stablecoin's circulating supply stands at over $1.4 billion.
- Signature Bank added $3.77 billion in deposits in the first quarter, a 51% increase from the previous period, likely spurred by record inflows from digital currency customers.
Read more: Circle Adds Signature as a Banking Partner
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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