Custodia, Vantage launch first US bank-issued stablecoin called Avit on Ethereum
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Custodia, Vantage launch first US bank-issued stablecoin called Avit on Ethereum
Description
Custodia Bank and Vantage Bank launched Avit, the first U.S. bank-issued stablecoin on a permissionless blockchain. The pilot involved tokenizing regulated bank deposits using Ethereum and demonstrated BSA/AML/OFAC compliance.
Publish date
10:50am, Tuesday, March 25, 2025
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Custodia and Vantage pilot first US bank-issued stablecoin on Ethereum
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The transactions also marked the first use of Custodia’s US patent (No. 11392906), granted in 2022, for the tokenization of bank deposits on permissionless blockchains
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Both banks ensured compliance with Bank Secrecy Act (BSA), anti-money laundering (AML), and Office of Foreign Assets Control (OFAC) rules
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