N3XT Bank, founded by former Signature Bank Chairman Scott Shay, has received regulatory approval in Wyoming to launch instant cross-border payment services for non-customers. According to Odaily, the bank says its tokenized payment system lets customers send U.S. dollars to any recipient around the clock and screens digital wallets through a know-your-wallet process for anti-money-laundering checks.

The bank said it will hold all deposits in cash or short-term Treasuries and will not make loans in order to maintain immediate liquidity. Signature Bank failed during the regional banking crisis in 2023.