Scott Shay: The Banking System Runs on 1980s Rails at Best

Scott Shay discusses his banking background, Signature Bank and Signet, and why he believes the banking system still runs on outdated rails. He argues big banks will gain market share from lagging midsize and small banks, describes N3XT's no-fractional-reserve dollar deposit model, and explains the new ability for non-account holders to access N3XT dollar deposits. He also frames dollar access as US soft power and outlines N3XT's planned expansion into trade finance and shipping. - Scott Shay recounts founding Signature Bank and creating Signet, which processed trillions by 2022. - He argues big banks will use crypto/blockchain adoption to take market share while midsize and small banks lag. - N3XT is described as a dollar deposit bank with no fractional reserve, backed by short-term US Treasury securities. - N3XT announced it is the first bank allowing non-account holders access to its dollar deposits via greenlisted wallets. - Dollar access is framed as financial inclusion and a projection of US soft power against China and Russia. - N3XT plans to expand into shipping/logistics and trade finance, leveraging 24/7 dollar settlement.