Shay's New Venture Aims to Disrupt Cross-Border Payments with Blockchain-Powered Solution

Scott Shay, former chairman of Signature Bank, is back in the financial industry with a new venture called N3XT. This Wyoming-chartered Special Purpose Depository Institution aims to provide instant overseas payments using blockchain technology.

N3XT received regulatory approval on August 17, 2026, to facilitate international transactions via its digital token, transforming it into a potential competitor to SWIFT, the messaging network that underpins most cross-border bank transfers today.

The bank operates as a full-reserve institution, meaning every dollar deposited is backed 1:1 by liquid assets, specifically cash and short-term US Treasuries. No fractional lending. No duration risk. No Silicon Valley Bank-style mismatch where long-dated bonds crater the balance sheet when rates spike.