TrueUSD has partnered up with the New York-based Signature Bank by integrating with the latter’s Blockchain-based payment platform, Signet. The TrueUSD stable coin, TUSD, will be integrated into the payment platform to allow immediate transaction of funds for commercial clients.
TrueUSD And Signature Partnership To Allow Immediate Commercial Settlement
TUSD is the first digital asset that has been pegged equal to US dollars. Users are assured of its transparency via the live, on-chain Proof of Reserves verified independently by a leading accounting firm based in the US. Currently, there is about $1.4 billion worth of TUSD in circulation. The partnership between TrueUSD and Signature Bank will allow the latter to offer customers access to the TUSD coin.
Jennifer Jiang, Chairperson of TrueUSD, remarked,
“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.”
TrueUSD Brings Transparency In Trading For Global Partners
TrueUSD is the first independently-verified digital asset redeemable 1-for-1 in US Dollars. The multichain stablecoin 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.
Rafael Cosman, CEO of TrustToken, makers of TUSD, commented,
“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.”
Payment Platform Signet Offers Real-Time Transactions
Signature Bank was the first FDIC-insured bank to launch the blockchain-based digital payments platform, Signet. Using this Ethereum-based platform, commercial clients can make real-time and round-the-clock payments in US dollars. Furthermore, being approved for use by the New York State Department of Financial Services adds even more legitimacy to this payment platform. As a result of the partnership and the TUSD integration within Signet, now commercial clients can conduct the same real-time transactions using the TUSD coin.
Joseph J. DePaolo, President and Chief Executive Officer at Signature Bank, said,
“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.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.