New Blockchain Bank N3XT Launches With Full-Reserve Model

Source: ETHNews Original Title: New Blockchain Bank N3XT Launches With Full-Reserve Model Original Link: https://www.ethnews.com/new-blockchain-bank-n3xt-launches-with-full-reserve-model/ N3XT, a blockchain-powered full-reserve bank created by former Signature Bank executives, has officially launched under Wyoming’s Special Purpose Depository Institution framework.

The bank positions itself as a modern financial institution designed for instant, programmable U.S. dollar payments, targeting institutional and business clients that require predictable, round-the-clock settlement.

Because N3XT is a full-reserve institution, every customer deposit is backed one-to-one by cash or short-term U.S. Treasuries. The bank does not lend and instead focuses entirely on secure storage and frictionless digital settlement.

Wyoming’s SPDI charter enables N3XT to operate within a regulated banking structure while using blockchain architecture at its core. The organization’s founders, Scott Shay and Jeffrey Wallis, describe the institution as a purpose-built alternative to traditional banks that still rely on batch-based settlement and limited operating hours.

By contrast, N3XT aims to operate continuously, with immediate transfer capabilities and transparent daily disclosures of reserves. This operational model is presented as a response to the failures of 2023, when liquidity mismatches contributed to the collapse of several U.S. banks, including Signature.

Programmable Payments Designed for Modern Enterprises

N3XT’s core differentiator is its programmable payments infrastructure, powered by a private, permissioned blockchain that allows businesses to automate settlement using smart contracts. This design enables conditional payments, such as releasing funds once goods arrive, contracts are signed, or market prices hit predefined thresholds, reducing reconciliation time and preventing operational delays associated with traditional banking rails.

The bank is targeting industries where precise, automated settlement provides meaningful efficiency gains. These include digital asset firms, logistics networks, foreign exchange providers, and enterprise clients accustomed to 24/7 global operations. By offering programmable dollars rather than a tokenized stablecoin, N3XT seeks to provide the predictability of regulated banking with the flexibility of blockchain technology.

A Post-Signature Vision With a Different Structure

The leadership behind N3XT includes former Signature Bank chairman Scott Shay and Jeffrey Wallis, who previously led digital asset and Web3 efforts at Signature and now serves as CEO. Both executives emphasize that N3XT’s model intentionally avoids the structural risks that contributed to Signature’s downfall. The bank holds no fractional reserves, avoids maturity risk by not lending, and publishes daily reserve attestations to provide real-time transparency.

Their messaging is focused on rebuilding trust in blockchain-aligned financial institutions while clearly distancing the new venture from Signature’s operational model. N3XT argues that a full-reserve framework is better aligned with fast-moving digital markets and removes exposure to liquidity stress that can threaten traditional banks.

A Regulated Bridge Between Finance and Blockchain

N3XT’s launch signals Wyoming’s continued role as a leading regulatory hub for digital asset banking. The SPDI charter gives the institution the ability to custody both fiat and digital assets, operate within U.S. banking law, and interact with blockchain-native businesses that require regulated financial partners. With programmable payments at its foundation, N3XT aims to position itself as an institutional bridge between legacy financial systems and the programmable future of money.

The bank’s debut arrives at a moment when demand for real-time settlement, transparent reserves, and risk-minimized banking structures is increasing. If its full-reserve programmable model delivers on its promise, N3XT could represent a new direction for blockchain-integrated banking in the United States.