Signature Bank Taps Tether Rival TrueUSD for Payments Platform

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.
Read more: Circle Adds Signature as a Banking Partner