What if the next generation of banking wasn't about taking more risk with your money, but removing it—while making your payments programmable, interoperable and always-on?
On 5 December 2025, former Signature Bank leaders stepped back into crypto banking with the launch of N3XT blockchain bank, a Wyoming-chartered, fully blockchain-based institution built for instant payments, 24/7 payments and institutional-grade digital payments.
Unlike traditional fractional-reserve banking, N3XT operates as a full‑reserve, crypto‑friendly banking platform under the Wyoming SPDI (Special Purpose Depository Institution) framework. All deposits are one-to-one backed by cash or short-term US Treasuries / Treasury securities, with no lending activity—an explicit response to the vulnerabilities that contributed to the collapse of Signature Bank, Silicon Valley Bank and Silvergate Bank during the 2023 banking crisis.
Led by Scott Shay (Signature Bank founder) and Jeffrey Wallis, former head of digital asset and Web3 strategy at Signature and now N3XT's CEO, the bank is positioning itself as a new type of blockchain banking utility. Its core proposition: a private, permissioned blockchain designed for instant settlement, programmable payments via smart contracts, and seamless interoperability between stablecoins, utility tokens, other digital assets and traditional rails.
For institutional clients across crypto markets, FX, shipping, logistics and other settlement-intensive sectors, N3XT aims to make money "move as seamlessly as information does across the internet." By offering always-on blockchain settlement and compliance under the Wyoming SPDI regime, it reframes payment infrastructure from a cost center into a programmable, real-time operating layer for global commerce.
At launch, N3XT is backed by investors including Paradigm, HACK VC and Winklevoss Capital, with Alexander Pack of HACK VC calling founders Shay and Wallis "forces of nature" for rebuilding a safer, regulation-aligned model of crypto banking after Signature's forced shutdown.
If N3XT succeeds, it will push a fundamental question onto every bank and fintech leader: In a world of programmable, 24/7, blockchain-based digital payments, does it still make sense for core banking business models to rely on maturity transformation and delayed settlement?
While N3XT reimagines the bank itself, Brian Shroder, former Binance.US CEO, is attacking a parallel bottleneck: the cost and complexity of working with stablecoins at scale.
His company, 1Money, has launched a stablecoin orchestration platform aimed at enterprises that want to integrate stablecoin-based digital payments without absorbing the typical high platform fees. Instead of fixed monthly charges, 1Money offers usage-based fees for both fiat and digital assets transactions, and is preparing a layer-1 blockchain optimized for payments with zero gas fees on stablecoin transfers.
Shroder, who led Binance.US from 2021 to 2023 before founding 1Money in 2024, argues that legacy providers have constrained stablecoin growth with prohibitive pricing and rigid architectures. Backed by $20 million in seed funding raised in January 2025, 1Money has focused aggressively on regulatory compliance and licensing, amassing 34 US money transmitter licenses to deliver regulated custodial services and infrastructure for enterprise-grade blockchain settlement.
1Money's timing aligns with a broader shift: fintech companies and major payment networks are moving deeper into blockchain-based settlement and stablecoin rails. Visa and Mastercard added stablecoin support in late 2024; Ripple launched its RLUSD stablecoin and acquired payments firm Rail for $200 million to expand stablecoin payment services; Unlimit introduced a non-custodial platform centered on stablecoin flows. With regulatory frameworks maturing across the United States and the European Union, an entire payment infrastructure layer is being rebuilt around programmable money.
In that context, 1Money is not just another stablecoin startup; it's a bet that enterprises will demand an orchestration layer that abstracts away chain complexity, fee unpredictability and fragmented compliance—much like cloud providers did for raw compute and storage.
For business leaders, these moves by N3XT and 1Money surface several thought‑provoking ideas worth sharing:
From credit risk to operational speed:
N3XT's decision to eliminate lending and stay fully reserved forces a rethinking of where value is created in banking. If deposit‑taking no longer funds credit creation, does competitive advantage shift to who can deliver the fastest, most programmable, most interoperable digital payments experience under strict regulatory compliance?Programmable cash flows as strategy, not plumbing:
With smart contracts driving programmable payments, treasury, trade finance and working capital management can be encoded directly into payment logic. Could a global supply chain use N3XT's infrastructure so that payment automatically executes upon IoT-confirmed delivery—removing counterparty risk and reducing reliance on letters of credit?Stablecoin orchestration as the new core system:
As stablecoins become a common settlement medium across fintech companies, card networks and banks, orchestration platforms like 1Money may become as strategic as ERP systems. If your organization can't route, reconcile and manage on-chain and off-chain value flows through a unified layer, do you risk locking yourself out of the next wave of blockchain-based settlement?Zero gas fees and the hidden cost of friction:
By aiming for zero gas fees on its layer-1 blockchain, 1Money is effectively pricing "blockspace" as infrastructure, not a visible line item. Once on-chain transactions feel economically invisible to end users, how quickly will expectations shift away from per-transaction fees toward always‑on, flat‑priced payment utilities?Regulation as an innovation catalyst:
Both N3XT, via its Wyoming SPDI charter, and 1Money, via extensive money transmitter licenses, are examples of innovators choosing to compete inside the regulatory perimeter. As rules standardize in the US and European Union, will the most transformative crypto banking and blockchain banking models come from those who embrace supervision early rather than avoiding it?Interoperability as the new network effect:
N3XT's focus on interoperability across stablecoins, tokens and fiat isn't just technical; it's strategic. In a world of fragmented digital assets and chains, the institutions that can aggregate and normalize value flows—whether banks like N3XT or orchestration platforms like 1Money—could become the default hubs of global payment infrastructure.
Ultimately, the launch of N3XT blockchain bank and 1Money's stablecoin orchestration platform signals a shift from "experiments in crypto" to a more ambitious agenda: rebuilding the core mechanics of money movement for a 24/7, programmable, cross-border economy.
The question for you is no longer whether blockchain banking or stablecoin-based digital payments will matter—but whether your organization is ready to operate in a world where money, like data, is always on, fully transparent, and increasingly under your direct programmable control. For businesses looking to understand how workflow automation can prepare them for this programmable future, the integration of AI-driven processes with blockchain infrastructure represents the next frontier of operational efficiency.
What is N3XT and how does it differ from a traditional bank?
N3XT is a Wyoming‑chartered, blockchain‑based bank founded by former Signature Bank leaders. Unlike traditional fractional‑reserve banks, it operates as a full‑reserve institution under the Wyoming SPDI framework: deposits are one‑to‑one backed by cash or short‑term U.S. Treasuries and the bank does not engage in lending or maturity transformation. It offers a private, permissioned blockchain for instant, 24/7 programmable settlement and interoperability with stablecoins and other rails.
What is the Wyoming SPDI charter and why does it matter?
The Wyoming SPDI (Special Purpose Depository Institution) framework allows banks to custody digital assets and operate under specific regulatory rules. For N3XT, the SPDI charter enables compliance‑aligned custody and settlement of digital assets while requiring one‑to‑one backing of deposits—making it attractive to institutions seeking regulated, blockchain‑native payments without fractional‑reserve risk.
How does N3XT make payments "programmable"?
N3XT uses a private, permissioned blockchain that supports smart contracts. These contracts encode payment logic so payments can execute automatically when on‑chain conditions are met (for example, delivery confirmed via IoT), enabling treasury automation, conditional settlement, and real‑time workflow integration.
What does "interoperability" mean for N3XT and enterprises?
Interoperability refers to the ability to move value seamlessly across stablecoins, other tokens, traditional fiat rails and digital asset platforms. N3XT positions itself to normalize and settle across these different formats, reducing friction from fragmented chains and making on‑demand settlement possible for institutional workflows.
Who are the founders and backers of N3XT?
N3XT was launched by Scott Shay (Signature Bank founder) and Jeffrey Wallis (former head of digital asset and Web3 strategy at Signature, now CEO). Early investors mentioned include Paradigm, HACK VC and Winklevoss Capital, with HACK VC's Alexander Pack publicly supportive.
What is 1Money and how does it complement the trend toward blockchain payments?
1Money, founded by former Binance.US CEO Brian Shroder, is a stablecoin orchestration platform for enterprises. It provides regulated custodial services, usage‑based pricing for fiat and digital asset transactions, and is building a layer‑1 chain optimized for payments with zero gas fees on stablecoin transfers—addressing cost, complexity and compliance at scale.
What regulatory and licensing posture does 1Money take?
1Money has focused on regulatory compliance and licensing; it raised $20 million in seed funding and obtained 34 U.S. money transmitter licenses to provide regulated custodial and payments infrastructure for enterprises operating with stablecoins and fiat.
How do "zero gas fees" and usage‑based pricing change enterprise economics?
Zero gas fees on a payments‑optimized layer‑1 reduce per‑transaction friction and make on‑chain activity economically invisible to end users. Combined with usage‑based pricing (vs. fixed platform fees), this can lower marginal costs and encourage high‑volume, always‑on payment flows, while shifting vendor economics toward predictable infrastructure consumption models.
Which enterprises or sectors benefit most from these offerings?
Sectors with settlement‑intensive operations—crypto markets, FX, cross‑border payments, shipping, logistics, trade finance and treasury operations—stand to gain. Use cases include instant settlement, programmable trade payments, automated working capital flows, cross‑chain reconciliation and reduced counterparty risk.
If deposits are fully reserved, how do these banks generate income?
Full‑reserve banks forego traditional maturity transformation revenue (lending funded by deposits). Instead, they monetize services: settlement and custody fees, programmable payments and smart‑contract infrastructure, interoperability/orchestration services, treasury products, and value‑added enterprise integrations (APIs, compliance tooling, and workflow automation).
What are the main risks and trade‑offs of moving to programmable, stablecoin‑based settlement?
Key risks include regulatory uncertainty across jurisdictions, operational and smart‑contract security, custody and counterparty risk in orchestration layers, liquidity and on‑ramp/off‑ramp constraints, and concentration risk if too much value funnels through a small set of hubs. There are also transition costs for legacy systems and staff processes.
How do orchestration platforms like 1Money interact with banks such as N3XT?
Orchestration platforms abstract chain complexity, routing, reconciliation and compliance, while banks provide regulated custody, settlement rails and fiat on/off‑ramps. Enterprises may use an orchestration layer to route transactions across multiple banks, stablecoins and chains—including SPDI banks like N3XT—to achieve compliance‑aligned, instant settlement and unified reporting.
Will traditional banks be displaced by blockchain banks and orchestration providers?
Not necessarily displaced overnight. The likely path is coexistence and specialization: some incumbents will embed programmable settlement and stablecoin rails, while new entrants focus on specialized, always‑on payment utilities. Competitive advantage may shift to firms that combine regulatory compliance, interoperability and developer‑friendly settlement primitives.
How should an enterprise prepare to adopt programmable, always‑on payments?
Start with three tracks: (1) strategy—assess where instant, conditional settlement creates measurable value (treasury, trade finance, supply chain); (2) compliance—map licensing, custody and KYC/AML requirements with legal and vendor partners; (3) technology—pilot integrations with orchestration providers or SPDI banks, modernize reconciliation/ERP connectors, and build smart‑contract controls and security reviews into your engineering lifecycle.
How mature is the ecosystem for enterprise stablecoin settlement?
The ecosystem is accelerating: major networks (Visa/Mastercard) added stablecoin support, new stablecoins and payment firms (e.g., Ripple's RLUSD and acquisitions) are expanding services, and startups like 1Money are building regulated orchestration and payments chains. Regulatory clarity is improving in the U.S. and EU, but maturity varies by jurisdiction and use case.
Are stablecoins and blockchain settlement safe for institutional use?
They can be, when paired with regulated custodians, strong compliance programs, audited reserves, rigorous smart‑contract security, and robust operational controls. Platforms that pursue licenses (money transmitter, SPDI custody), transparent reserve practices and enterprise‑grade SLAs reduce many traditional concerns—but institutions should conduct thorough due diligence on counterparties and technology.
What signals should leaders watch to know when to act?
Watch vendor adoption of regulated rails (SPDI, licensed orchestration), integration partnerships between card networks and stablecoin providers, price models shifting to usage/zero‑gas, enterprise pilots in your sector, and regulatory guidance in your operating jurisdictions. When multiple signals align with measurable business benefit, it's time to pilot and integrate.
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