In a press release published on 18 June, TrueUSD announced it has integrated with Signature Bank to offer its commercial clients instant settlement. TrueUSD will integrate its stablecoin TUSD into Signature Bank’s blockchain-based, digital payments platform Signet.
Signet is an Ethereum-based payments platform that enables commercial clients to make real-time payments in U.S. dollars. It is also the first such platform to be approved for use by the New York State Department of Financial Services. Signature Bank’s clients will now gain direct access to TUSD, the first digital asset backed 1:1 with U.S. dollars with on-chain Proof of Reserves. TUSD’s reserves are verified independently by Armanino, a top 25 accounting firm in the U.S., with the Chainlink providing the data on-chain.
“The relationship with TrueUSD enhances Signature Bank’s offering to its existing commercial clients,” said Joseph J. DePaolo, President and Chief Executive Officer at Signature Bank. “Through arrangements like this one, Signature Bank is further strengthening its position as one of the pre-imminent banks in the digital assets space.”
Jennifer Jiang, the Chairperson of TrueUSD, called the integration a “monumental milestone” for TUSD’s growth and adoption.