TrueUSD Integrates with Signature Bank’s Blockchain-based Payments Platform, Signet™
TrueUSD announced today its partnership with Signature Bank (NASDAQ: SBNY), a New York-based, full-service, commercial bank. TrueUSD will integrate its stable coin, TUSD, into Signature Bank’s blockchain-based, digital payments platform, Signet™, to afford commercial clients instant settlement.
This relationship enables Signature Bank to offer its clients access to TUSD, the first digital asset-backed 1:1 with US dollars with live, on-chain Proof of Reserves, verified independently by a top US accounting firm. TrueUSD provides its customers with the most trusted dollar-pegged asset by ensuring transparency amongst its partnerships with internationally renowned banks and auditing firms. To date, TUSD circulating supply stands at more than $1.4 billion in circulation, with billions of dollars in monthly transaction volume.
Signature Bank was the first FDIC-insured bank to launch a blockchain-based digital payments platform. Signet, an Ethereum-based payments platform, allows commercial clients the ability to make real-time payments in US dollars, 24/7/365. Signet is also the first to be approved for use by the New York State Department of Financial Services. With Signet, Signature Bank clients also have access to 24/7/365 support, a service distinctive to the Bank.
“We welcome TrueUSD to our ever-growing ecosystem. The relationship with TrueUSD enhances Signature Bank’s 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,” said Joseph J. DePaolo, President and Chief Executive Officer at Signature Bank.
Jennifer Jiang, Chairperson of TrueUSD, commented: “TrueUSD was founded to bring trusted financial opportunities to the world. The integration into Signature Bank’s Signet platform is a monumental milestone for TUSD’s growth and adoption as an attested, dollar-backed digital currency. Our integration into Signet brings global TUSD customers another secure real-time settlement option.”
Rafael Cosman, CEO of TrustToken, makers of TUSD, added: “Our mission has always been to grow financial opportunities for all, and TUSD’s new partnership with Signature Bank does exactly that by putting the most transparent digital dollar in more hands, more quickly. Offering TUSD users a new way to instantly settle via Signet is a key step to grow TUSD’s accessibility, transparency and utility.”
About Signature Bank
Signature Bank (Nasdaq: SBNY), member of FDIC, is a New York-based, full-service commercial bank with 37 private client offices throughout the metropolitan New York area, as well as those in Connecticut, California and North Carolina. Through its single-point-of-contact approach, the Bank’s private client banking teams primarily serve the needs of privately owned businesses, their owners and senior managers.
Since commencing operations in May 2001, Signature Bank reached $85.4 billion in assets as of March 31, 2021. With $74.0 billion in deposits at first quarter-end 2021, Signature Bank placed 22nd on S&P Global’s list of the largest banks in the U.S., based on deposits.
Signature Bank was the first FDIC-insured bank to launch a blockchain-based digital payments platform. Signet™ allows commercial clients to make real-time payments in U.S. dollars, 24/7/365 and was also the first solution to be approved for use by the NYS Department of Financial Services.
For more information, please visit https://www.signatureny.com.
TrueUSD (TUSD) is the first independently-verified digital asset redeemable 1-for-1 in US Dollars. The multichain stable coin uses various banks, escrow accounts, and third-party attestations to reduce counterparty risk, provide transparency, and prevent fraud.
Each TUSD token is fully collateralized and attested live on-chain, now moving billions in monthly trade volume across over 100 global trading partners. Liquidity is offered on numerous leading exchanges, Defi protocols, and is supported by major OTC desks worldwide with an international reach in over 120 countries. TUSD also supports nearly instant minting and redemption speeds with financial partners including Signet by Signature Bank, the Silvergate Exchange Network (SEN) and PrimeX by PrimeTrust.