Wyoming Approves N3XT for Instant Cross-Border Payments Using Tokenization

N3XT secures Wyoming regulatory approval to launch instant, tokenized cross-border payments. The firm, led by former Signature Bank chairman Scott Shay, aims to bypass SWIFT with 24/7 settlement and 'Know Your Wallet' compliance.

Woofun AI reports that N3XT Bank has obtained regulatory approval from Wyoming to provide instant cross-border payment services to non-customers. Founded by Scott Shay, the former chairman of Signature Bank, the institution employs a tokenization model to facilitate round-the-clock dollar transfers while enforcing anti-money laundering protocols via a 'Know Your Wallet' verification process. Unlike traditional banking entities, N3XT maintains all deposits in cash or short-term Treasury bonds without extending loans, ensuring immediate liquidity. This operational structure directly challenges the SWIFT network. Signature Bank failed during the 2023 regional banking crisis.