Signature Bank Taps Tether Rival TrueUSD for Payments Platform
Signet is a real-time payments platform built on the Ethereum blockchain.
Jun 18, 2021 at 10:18 a.m. UTCUpdated Aug 21, 2021 at 7:08 p.m. UTC
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Signature Bank has added stablecoin TrueUSD to its blockchain-based payments platform, Signet.
- 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.
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