Tassat has introduced Project NENYA and released a paper describing infrastructure for managing reserves of regulated stablecoins. The project is designed to connect issuers with U.S. banks and distribute reserves across cash deposits and tokenized high-quality liquid assets.

The system is intended to provide one environment for comparing terms, allocating reserves, monitoring risk and receiving real-time data. Tassat argues that this approach could reduce concentration at a small number of banks and give regional institutions a clearer route into the stablecoin market.

Project NENYA remains under development with prospective banking and issuer partners. It is not yet a live network or proof that reserves have already been placed through the system. Its importance is broader: stablecoin competition is moving beyond token issuance toward the infrastructure that manages backing assets, liquidity and relationships between issuers and banks.