The announcement comes as stablecoins become more established in traditional finance following the passage of the GENIUS Act. Wall Street companies and banks are expanding their stablecoin initiatives, while Citi predicts the market could reach around $4 trillion by 2030.
At this scale, Sussman said, concentrating reserves among a few institutions could create liquidity and deposit risks.
“If you assume stablecoins reach $5 or $10 trillion, then there must be something helping the market reach equilibrium,” Sussman said. “He can’t just live in a very restricted circle, because that would increase the risk on both sides.”
The platform itself will not run on a blockchain, although Tassat plans to connect it to tokenized asset and custodial networks. Sussman said this approach reduces the technical burden for smaller banks.
“There is a real risk that large parts of the U.S. banking ecosystem will be left behind,” he said. “I don’t think it’s politically healthy for the United States. I don’t think it’s economically healthy.”
