Custodia Bank and Vantage Bank Launch Avit, First U.S. Bank-Issued Stablecoin on Ethereum for U.S. Dollar Demand Deposits

Custodia Bank and Vantage Bank have announced the issuance of the first bank-issued stablecoin in the United States on a permissionless blockchain. This development marks the first-ever tokenization of U.S. dollar demand deposits from a U.S. bank, utilizing Ethereum's mainnet. The initiative demonstrates that U.S. banks can collaborate to tokenize demand deposits in a manner compliant with regulatory standards. The stablecoin, referred to as Avit, is part of a broader trend towards integrating traditional finance with blockchain technology.

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