TrueUSD integrates with Signature Bank’s Signet; a monumental milestone for TUSD’s growth and adoption
By Pavithra R
TrueUSD, building a financial ecosystem that encompasses the benefits of traditional fiat-backed stable coins, but with decentralization has announced its partnership with Signature Bank, a New York-based, full-service, commercial bank.
Under the collaboration, TrueUSD will integrate its stable coin, TUSD, into Signature Bank’s blockchain-based, digital payments platform, Signet, to afford commercial clients instant settlement. This will enable the 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.
“We welcome TrueUSD to our ever-growing eco-system. 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.
TrueUSD provides its customers with 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 bn, 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.
“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,” said Rafael Cosman, CEO of TrustToken, makers of TUSD.
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September 20, 2023