Signature Bank Blockchain Payment Platform To Accept Trueusd Stablecoin

As Signature Bank expands its commercial banking offering, the trueusd stablecoin integrates with the Signet blockchain-based digital payment platform to enable instant dollar payments. Signet integration for 24/7 dollar payment and reconciliation As more businesses flirt with the idea of blockchain-based products and services, stablecoins are one area of admiration for banks, especially given their capabilities in speed and reliability. Still, not all stablecoins are created equal and some are targeted by enforcement agencies, including Tether (USDT). Still, some are breaking the mold and finding ways to improve the existing model. As stablecoins play an increasingly large role in commerce and decentralized finance (def), banks are slowly getting closer to realizing their beneficial properties. Signature Bank became the first US financial services company to use stablecoins specifically for payments. Signet digital payment platform has partnered with Trueusd to integrate its multi-chain stablecoin (TUSD) with its payment services. Accordingly, the platform can now offer TUSD coins and redemption in real time. The move will give the bank's clients access to a 1:1 backed stablecoin transparently with on-chain proof of reserve and US dollar reserves that can be regularly verified with the help of a third-party, independent accounting firm. In addition, customers of the platform can send payments in US dollars to other business customers in real time, around the clock, any day of the week. Signature Bank, the first FDIC insured and certified US commercial bank by the New York State Department of Financial Services (NYDFS), has welcomed the development to launch a blockchain digital payments platform. According to Joseph J. DePaolo, CEO and President of Signature Bank: The relationship with Trueusd enhances Signature Bank's offerings to existing commercial customers. by editing

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