
Tassat's Project NENYA lets regional US banks provide liquidity for stablecoins, aiming to prevent Wall Street monopolization of the $4 trillion market. Pilots start H1 2025.
Financial technology company Tassat Group has introduced Project NENYA, an infrastructure designed to let regional and midsize U.S. banks participate in managing regulated stablecoin reserves. The platform aims to prevent Wall Street from monopolizing a sector that Tassat projects will reach $4 trillion by the end of the decade, the company said.
Project NENYA acts as a real-time reserve optimization engine connecting stablecoin issuers with traditional financial institutions. Under the model, local banks provide liquidity backed by cash deposits and tokenized high-quality liquid assets (HQLA). Tassat said the structure mitigates deposit flight and diversifies counterparty risk away from a handful of mega-institutions.
Tassat plans to launch pilot programs during the first half of this year, following the release of its whitepaper. The company expects a full rollout in 2027. The proposal is meant to formally integrate community and regional banks into the digital-asset economy rather than leave them on the sidelines as stablecoin reserves concentrate at a few large players.
The platform targets a market where stablecoin supply has grown rapidly but reserve custody has remained dominated by a small group of custodians and big banks. Tassat's pitch is that smaller institutions can earn fee income from providing reserve backing while keeping deposits on their own balance sheets, reducing the risk of deposit outflows to larger rivals.
Tassat did not disclose which banks have signed on for the pilot or whether any stablecoin issuers have committed to using the platform. The company said it will release further details as the pilot programs get underway.
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