Interest Follows President’s Working Group Recommendations on Bank-Issued Stablecoins for Digital Payments

Tassat Group Inc., the leading blockchain-based B2B payments platform provider to U.S. banks, reports it has received a record number of inquiries from banks for its TassatPay™ platform, which enables banks to issue cash-backed stablecoins, facilitating real-time payments for their B2B clients. With the President’s Working Group on Financial Markets calling for stablecoins to be issued by banks, Tassat reports record interest from U.S. banks wanting to participate in the global blockchain-based payments market, specifically around bank-issued stablecoins.

The TassatPay™ platform which enables banks’ clients to execute secure, real-time transactions, 24/7/365, is the sole blockchain-based, real-time payment network to have been reviewed by leading regulators including the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC) and the New York State Department of Financial Services (NYSDFS).

“Because Tassat provides banks with complete and instantaneous payment of transactions, including stablecoins, in a manner that is transparent, traceable, secure and cost-effective, we are seeing a significant increase in the number of banks wanting to provide their clients with secure, real-time payments 24x7, 365 days a year,“ said Tassat CEO Ron Totaro.

TassatPay™, the only blockchain-based, real-time payment platform fully deployed within the U.S. banking system, enables banks to issue stablecoins (DigitalDollars™) that are backed 1:1 by U.S. dollars in FDIC-insured demand deposit accounts and use them to execute real-time transactions.

Because Tassat’s system can be easily adopted for legacy banking systems, there has been enormous interest from banks wanting to get on board sooner rather than later, report company officials.

“Being able to provide B2B clients with instantaneous payments using the power of blockchain technology is critical for banks providing services to B2B clients competing in today’s fast-paced digital economy,” added Totaro. “B2B clients recognize that blockchain-enabled payments offer better fraud protection, faster settlement and reduced inefficiencies while lowering their costs.”

With TassatPay™, commercial clients of banks can access a host of capabilities including smart contracts, decentralized finance, cross-border payments and foreign exchange transactions.

Since launching in 2018, Tassat has processed more than $220 billion in real-time secure payments within the U.S. banking system. Tassat is the engine behind the largest bank provider in this space, and is the backbone of Customers Bank’s blockchain-enabled payment capabilities. Customers Bank previously reported that its TassatPay™-enabled Customers Bank Instant Token (CBIT) had resulted in $1.5 billion in additional deposits at the end of its third quarter on September 30, 2021.

Although Tassat partners with banks of all sizes, company officials say most of the banks they are partnering with range from $1 billion to $200 billion in assets.

About Tassat

Tassat was founded in 2018, and its TassatPay™ Platform was the first solution to be reviewed by banks regulated by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the New York State Department of Financial Services. Tassat was recently honored with a 2021 Google Cloud Customer Award for innovation in financial services. For more information, visit us on the web at https://www.tassatpay.com/, on Twitter or on LinkedIn.

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