Tassat, the fintech firm behind Signature Bank's former Signet blockchain payments network, has unveiled Project NENYA — a stablecoin reserve management platform designed to help regional and midsize U.S. banks compete for deposits that are now concentrated at a handful of specialist institutions.

The company announced the initiative on Thursday alongside a white paper detailing the platform's design. Project NENYA, formally referred to as the Smart Reserve Management & Execution Engine, is expected to begin pilot programs in the first half of 2027, with a full launch targeted for early 2027.

Bridging the Infrastructure Gap

The platform targets smaller banks that frequently lack the technology, compliance infrastructure, and personnel required to service stablecoin issuers. Stablecoin issuers typically need to hold reserves in cash or other liquid assets to support redemption obligations, making bank access, reserve allocation, and risk monitoring central parts of their operating model.

Project NENYA will create a shared marketplace where regulated stablecoin issuers can allocate reserves across cash deposits and tokenized high-quality liquid assets, while simultaneously monitoring pricing, liquidity, and counterparty risk.

Participating banks would be able to bid for deposits, while issuers could distribute reserves across multiple institutions and track their exposure in real time.

"There are banks saying: 'We would love to participate in this. We don't have the infrastructure. We don't have the compliance. We wouldn't even know how to price these reserve deposits,'" Tassat CEO Glen Sussman told CoinDesk in an interview.

Addressing Concentration Risk at Scale

The announcement comes as stablecoins move further into mainstream finance following the passage of the GENIUS Act. Wall Street firms and major banks are expanding their stablecoin initiatives, while Citi projects the market could reach roughly $4 trillion by 2030.

At that scale, Sussman warned, concentrating reserves among a small number of institutions could create significant liquidity and deposit risks.

"If you assume stablecoins scale to $5 trillion or $10 trillion, then there has to be something that helps the market reach equilibrium," Sussman said. "It can't just live in a really small circle because that will compound the risk on both sides."

The concentration issue is also a banking-sector question: reserve deposits can become a meaningful source of funding for institutions that are able to meet issuer requirements, but smaller lenders may struggle to participate without shared compliance and operational tooling.

A Non-Blockchain Solution for Banks

Notably, the platform itself will not run on a blockchain. However, Tassat plans to connect it with tokenized asset and deposit networks. Sussman said this approach is intended to lower the technical burden for smaller banks that may not have blockchain expertise in-house.

"There is a real risk that vast swaths of the U.S. banking ecosystem get left out in the cold," he said. "I don't think that's healthy politically for the United States. I don't think it's healthy economically."

Tassat's push comes as Wall Street institutions accelerate their own stablecoin efforts, raising concerns that smaller lenders could be sidelined in what many analysts expect to become a multi-trillion-dollar market. The full white paper is available via BusinessWire.