Signature Bank has added stablecoin TrueUSD to its blockchain-based payments platform, Signet.

  • The addition allows commercial clients of New York-based Signature Bank to use the coin for instant payments, the company said in a press release.
  • Signet is a real-time payments platform built on the Ethereum blockchain. It is the first such platform approved for use by the New York State Department of Financial Services.
  • TrueUSD is backed 1:1 with U.S. dollars, and the collateralization is independently verified by a top U.S. accounting firm. The stablecoin's circulating supply stands at over $1.4 billion.
  • Signature Bank added $3.77 billion in deposits in the first quarter, a 51% increase from the previous period, likely spurred by record inflows from digital currency customers.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.