CoinDesk
Tassat, the fintech that built Signature Bank's former Signet blockchain payments network, on Thursday unveiled Project NENYA, a stablecoin reserve management platform designed to route deposits from regulated stablecoin issuers to regional and midsize US banks. The platform, also called the Smart Reserve Management & Execution Engine, will run as a shared marketplace where issuers can spread reserves across cash deposits and tokenized high-quality liquid assets while monitoring pricing, liquidity and counterparty exposure. Participating banks can bid for those deposits. Pilots are slated for the first half of next year, with a broader launch targeted for early 2027.
The product targets a clear gap. Smaller banks lack the compliance, technology and pricing infrastructure to service stablecoin issuers, and Tassat CEO Glen Sussman said the firm heard that directly: banks are telling the company they would love to participate but do not know how to price or manage these reserve relationships. The platform itself will not run on a blockchain, though Tassat plans to connect it with tokenized asset and deposit networks to lower the technical burden on community lenders.
Why it matters
The launch lands as stablecoins move deeper into mainstream finance following the GENIUS Act, with Citi projecting the market could reach roughly $4 trillion by 2030. Sussman argued that at multi-trillion scale, concentrating reserves at a handful of large institutions compounds liquidity and deposit risk on both sides of the table. He framed the platform as an equilibrium mechanism: if the market scales to $5 trillion or $10 trillion, it cannot live inside a small circle of banks without creating systemic pressure.
Market impact
The competitive read is direct. Wall Street firms and large banks are already expanding stablecoin initiatives, and without infrastructure like NENYA the regional banking system risks being shut out of the reserve economics entirely. Sussman called that outcome unhealthy politically and economically for the US banking ecosystem.
Frequently asked questions
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What is Tassat's Project NENYA?
Project NENYA, formally the Smart Reserve Management & Execution Engine, is a marketplace platform that connects regulated stablecoin issuers with regional and midsize US banks for reserve deposits and tokenized high-quality liquid assets.
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When will Project NENYA launch?
Tassat said pilot programs will begin in the first half of next year, with a broader platform launch targeted for early 2027.
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Why is Tassat targeting regional banks?
Smaller banks lack the compliance, technology and pricing infrastructure to service stablecoin issuers. Tassat argues that without that infrastructure, regional lenders risk being shut out of reserve economics as the market scales.
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How does Project NENYA fit with the GENIUS Act?
The launch follows passage of the GENIUS Act, which pushed stablecoins further into mainstream finance. Citi projects the market could reach roughly $4 trillion by 2030, the scale Tassat says demands wider distribution of reserves.
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Will Project NENYA run on a blockchain?
The platform itself will not run on a blockchain, though Tassat plans to connect it with tokenized asset and deposit networks to lower the technical burden on participating community banks.
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