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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.
Signature Bank has added stablecoin TrueUSD to its blockchain-based payments platform, Signet.
STORY CONTINUES BELOW
- 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
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
