{"id":8541,"date":"2021-06-21T09:54:06","date_gmt":"2021-06-21T09:54:06","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/signature-banks-blockchain-payment-platform-to-accept-trueusd-stablecoin\/"},"modified":"2021-06-21T09:54:06","modified_gmt":"2021-06-21T09:54:06","slug":"signature-banks-blockchain-payment-platform-to-accept-trueusd-stablecoin","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/signature-banks-blockchain-payment-platform-to-accept-trueusd-stablecoin\/","title":{"rendered":"Signature Bank\u2019s Blockchain Payment Platform to Accept Trueusd Stablecoin"},"content":{"rendered":"

As Signature Bank expands its commercial banking offerings, the trueusd stablecoin has been integrated with its Signet blockchain-based digital payment platform to deliver instant dollar payments.<\/strong><\/p>\n

Signet Integration to Deliver 24\/7 Dollar Payment and Settlement<\/h2>\n

As more enterprises flirt with the idea of blockchain-based products and services, stablecoins are one of the areas of fascination for banks, especially given their possibilities in terms of speed and reliability.<\/p>\n

Yet, not all stablecoins are the same, and some have been targeted by enforcement agencies, among them tether (USDT<\/a>). Still, some are breaking the mold and finding ways to improve upon the existing model. With stablecoins increasingly playing a larger role in trading and decentralized finance (defi), banks are slowly coming around to realize their beneficial traits.<\/p>\n

Signature Bank<\/a> has become the first U.S. financial services provider to adopt stablecoins specifically for payments. Its Signet<\/a> digital payments platform has entered into a partnership with Trueusd<\/a> to integrate its multichain stablecoin (TUSD) with its payment services. Accordingly, the platform can now offer TUSD minting and redemption in real-time.<\/p>\n

The move will give the bank\u2019s clients access to the stablecoin, which is transparently backed 1:1 by reserves of US dollar that are regularly verifiable thanks to onchain proof-of-reserves and the help of an outside, independent accounting firm. Moreover, the platform\u2019s customers can send US dollar payments to other commercial clients in real-time, around the clock, every day of the week.<\/p>\n

<\/p>\n

Signature Bank, the first FDIC-insured and New York State Department of Financial Services (NYDFS) approved U.S. commercial bank to launch a blockchain digital payments platform, has welcomed the development.<\/p>\n

According to Signature Bank\u2019s CEO and President Joseph J. DePaolo:<\/p>\n

The relationship with Trueusd enhances Signature Bank\u2019s offering to its existing commercial clients. Through arrangements like this one, Signature Bank is further strengthening its position as one of the pre-imminent banks in the digital assets space.<\/p>\n

Trueusd, the product of Trusttoken<\/a>, counts on billions in monthly transaction volume, with approximately $1.4 billion tokens in circulation as of writing. Thanks to its properties like real-time payment and settlement, along with a network of 100 global trading partners, TUSD has become a popular choice for defi protocols and other use cases that demand instant transactability.<\/p>\n

Trueusd Chairperson Jennifer Jiang concludes,<\/p>\n

The integration into Signature Bank\u2019s Signet platform is a monumental milestone for TUSD\u2019s growth and adoption as an attested, dollar-backed digital currency. Our integration into Signet brings global TUSD customers another secure real-time settlement option.<\/p>\n

What\u2019s next for the banks\u2019 crypto adoption? Let us know what you think in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nFinance, blockchain-based products, digital payments, Proof of Reserves, Signature Bank, Stablecoin, trueusd<\/p>\n","protected":false},"excerpt":{"rendered":"

As Signature Bank expands its commercial banking offerings, the trueusd stablecoin has been integrated with its Signet blockchain-based digital payment platform to deliver instant dollar payments. Signet Integration to Deliver 24\/7 Dollar Payment and Settlement As more enterprises flirt with the idea of blockchain-based products and services, stablecoins are one of the areas of fascination…<\/p>\n","protected":false},"author":0,"featured_media":8542,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8541"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8541"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8541\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8542"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}