Tassat Builds Platform to Help Smaller Banks Access Booming Stablecoin Market

Fintech company Tassat is developing Project NENYA, a platform designed to give regional and midsize U.S. banks a foothold in the expanding stablecoin sector, which is forecasted to balloon into a multi-trillion-dollar market over the next decade.

Platform Details and Market Opportunity

Set to enter pilot phase in early 2027, Project NENYA will create a marketplace connecting stablecoin issuers with smaller banks, enabling deposit allocation across cash and tokenized high-quality liquid assets. This shared environment allows banks to compete for stablecoin reserves by bidding on deposits, while issuers gain tools to monitor liquidity, pricing, and counterparty risk in real time.

According to Tassat CEO Glen Sussman, many regional banks are eager to participate but lack the compliance infrastructure and expertise needed to manage stablecoin reserves. "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,’" he noted.

The initiative follows significant legislative developments like the GENIUS Act and projections from major players such as Citi, which estimate the stablecoin market could reach approximately $4 trillion by 2030. At such scale, concentrating reserves in a handful of large banks raises liquidity and deposit concentration risks.

Industry Reaction and Wider Implications

The launch of Project NENYA comes as Wall Street firms ramp up their stablecoin efforts. The market, currently dominated by specialist institutions, risks shutting out smaller banks without platforms to help them participate effectively. Tassat aims to prevent this by distributing reserves more widely, which could reduce systemic risk and foster greater competition.

Sussman emphasized that if stablecoins grow to $5 trillion or $10 trillion, spreading reserves beyond a limited group of banks becomes critical. The platform's technology builds on Tassat's experience operating the Signet blockchain payments network, once used by Signature Bank.