The announcement comes as stablecoins move further into mainstream finance following the passage of the GENIUS Act. Wall Street firms and banks are expanding stablecoin initiatives, while Citi expects the market to reach around $4 trillion by 2030.
At that scale, Sussman said, concentrating reserves among a few institutions could create liquidity and deposit risks.
“If you assume that stablecoins scale to $5 trillion or $10 trillion, then there has to be something to help the market reach equilibrium,” Sussman said. “It can’t just live in a really small circle because that will 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 deposit networks. Sussman said this approach lowers the technical burden for smaller banks.
“There is a real risk that large parts of the US banking ecosystem will be left out in the cold,” he said. “I don’t think it’s healthy politically for the United States. I don’t think it’s healthy economically.”
