Crypto-native bank Custodia partners with Vantage on 'first bank-issued stablecoin' backed by tokenized customer deposits

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Crypto-native bank Custodia partners with Vantage on 'first bank-issued stablecoin' backed by tokenized customer deposits

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Custodia Bank and Vantage Bank announced a pilot program to issue Avit, a U.S. dollar-pegged stablecoin backed by tokenized customer deposits, on Ethereum. The initiative is described as the first bank-issued stablecoin on a permissionless blockchain.

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8:03am, Tuesday, March 25, 2025

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https://www.theblock.co/post/348018/crypto-native-bank-custodia-partners-with-vantage-on-first-bank-issued-stablecoin-backed-by-tokenized-customer-deposits

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Custodia and Vantage pilot first US bank-issued stablecoin on Ethereum

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the transactions were "BSA/AML/OFAC" compliant, "which necessitated designing documentation, policies and procedures that differ from those of current stablecoin issuers."

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Vantage Bank managed the fiat dollar reserves and standard banking services like Fedwire/ACH systems while Custodia handled the blockchain tokenization and analytics side

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