Tassat Builds Stablecoin Reserve Platform for Smaller Banks

Project NENYA is designed to give regional U.S. banks access to stablecoin reserves, using cash deposits and tokenized liquid assets as collateral. The launch comes as the GENIUS Act and broader stablecoin regulation push the sector closer to mainstream finance.

Key Takeaways

• Tassat is building Project NENYA, a platform designed to link smaller U.S. banks with stablecoin issuers for reserve management.
• The system is expected to launch in early 2027 and is aimed at improving pricing transparency, liquidity, and counterparty risk management.
• Tassat says concentrating reserves at a handful of institutions could raise liquidity and deposit risks.

Tassat is developing a platform meant to give smaller U.S. banks a way into the rapidly expanding stablecoin reserves market. The fintech firm, best known for Signature Bank’s former Signet payment network, plans to use Project NENYA to create a marketplace where stablecoin issuers and banks can meet for reserve management.

Reserve Market

The initiative’s full name is Smart Reserve Management & Execution Engine, and Tassat unveiled it Thursday alongside a white paper. The company expects the platform to launch in early 2027, following pilot programs scheduled for the first half of that year.

The target users are regional and mid-sized banks that often lack the technology, compliance infrastructure, or staffing needed to work with stablecoin issuers. Through the platform, regulated issuers would be able to diversify reserves across cash deposits and tokenized high-quality liquid assets, while participating banks would compete for those deposits.

Tassat says that setup should make the market clearer on pricing, liquidity, and counterparty exposure. CEO Glen Sussman said many banks are interested in getting involved, but do not have a clear process for pricing or administratively handling reserve deposits of this kind.

Why This Matters

The timing is no coincidence. Since the GENIUS Act was approved, stablecoin infrastructure in the U.S. has moved closer to mainstream finance, while major banks and Wall Street firms continue building their own products. Citi estimates the market could reach about $4 trillion (€3.5 trillion) by 2030, and its base case still points to $1.9 trillion (€1.7 trillion).

For European crypto readers, the main point is that stablecoin rules have tightened here as well. MiCA, which has been in force since January 1, 2025, lays out clear requirements for issuance, reserve eligibility, and redemption, underscoring how quickly the industry is moving toward regulated infrastructure.

Concentration Risk

Sussman warned that a $5 trillion (€4.4 trillion) or $10 trillion (€8.8 trillion) market would not function well if reserves remained concentrated in just a few institutions. In his view, that kind of setup could add liquidity and deposit risk for both stablecoin issuers and banks.

One important detail is that the platform itself does not run on a blockchain. Tassat does want to connect it with tokenized asset and deposit networks, though, because that would lower the technical barrier for smaller banks. Sussman said a large share of the U.S. banking system could otherwise be left out, which he sees as both politically and economically problematic.

Other companies are also moving into this new reserve market. Fidelity recently launched a money market fund for stablecoin reserves, a sign that competition for this kind of collateral and liquidity is heating up quickly.