N3XT, a blockchain-powered banking institution, has officially launched its narrow bank in the United States, aiming to streamline cross-border business-to-business (B2B) transactions. This innovative banking platform leverages decentralized and permissionless blockchain technology to bridge the gap between traditional finance and decentralized systems.
The newly established platform focuses exclusively on customer deposits and payment services, while investing in low-risk, liquid assets. Notably, N3XT has made it clear that it will not engage in lending activities. Each dollar deposited will be fully backed by cash or short-term U.S. treasuries in a one-to-one ratio, ensuring complete transparency and security for its users.
Operating globally under a Wyoming Special Purpose Depository Institution charter, N3XT aims to incorporate a variety of digital assets, including stablecoins and utility tokens, into its banking framework. This approach will allow businesses to schedule international crypto payments directly through the platform, addressing the inefficiencies often associated with traditional transaction methods, which can be delayed by the need for multiple approvals and time zone differences.
The platform has been positioned as a viable solution for various sectors, including cryptocurrency, shipping and logistics, and foreign exchange. N3XT has successfully completed three rounds of financing, securing backing from notable investors such as Potenza Capital, Paradigm, and Winklevoss Capital.
Jeffrey Wallis, CEO and President of N3XT, emphasized the need for seamless financial transactions, stating that “money should move effortlessly, just like information.” He further explained that the platform will empower enterprises with 24/7 control and reliability, which is crucial for navigating the complexities of the global economy.
Alana Palmedo, Managing Partner at Paradigm, echoed these sentiments, highlighting the shift toward an “internet native” financial industry that operates around the clock, moving away from traditional banking hours.
N3XT is not alone in exploring blockchain technology for enhancing cross-border payments. Recent reports indicate that ten European banks have joined forces in a project named Qivalis, aimed at launching a euro-pegged stablecoin for continuous international corporate payments and settlements, with plans for a second half of 2026 rollout.
In Japan, significant advances are also being made, with the country”s Financial Services Agency giving approval for major banks to collaborate on stablecoin development for cross-border transactions. This includes initiatives from the Mitsubishi UFJ Financial Group and Sony Bank, which is set to issue a dollar-backed stablecoin for its digital ecosystem.
The landscape of stablecoins is rapidly evolving, with current data indicating that the total supply has reached an unprecedented high of $294.868 billion across various major networks, including Ethereum, Tron, and Solana.
