The Crypto-friendly Custodia Bank cooperated with the Vantage Bank to complete what the two companies say was “the first-ever released by the American bank” with a blockchain permission.
Be careful Says On March 25, it token the US dollar’s demanding deposits and facilitated the release, transfer and redemption of Stablecoin “Avit” to Ethereum through the ERC-20 token standard.
“A new US dollar paying train is activated within the US banking system,” Custodia added.
“We broke legal/regulation in front, proving that US banks can cooperate to token demand deposits with an unauthorized blockchain in a regulatorily following way,” said Custodia CEO Caitlin Long.
Source: Caitlin is long
Vantage Bank CEO and President Jeff Sinnott said the event was a “important moment in the financial scenery, showing how blockchain and stablecoins could change payments.”
In a series of posts on X, Long Explained That Avit Stablecoin is a “real dollar” and not a “synthetic” dollar, as Governor of Federal Reserve Board Christopher Waller Called Stablecoins in a February 12 speech.
The “real” US dollar, explained by Long, can only be released by the Federal Reserve and some legal authorized creatures, including the Custodia Bank. He added that AVIT is a “real dollar” because it tokenize the bank demand deposit that customers can withdraw on-demand, such as money in a review account.
ETHEREUM BACKERS CHEER CHEAR Custodia’s Chain Choice
Custodia has a history champion of Bitcoin, and Ethereum advocates quickly note that the bank has chosen Ethereum for Stablecoin.
“ETH has fixed it. Bitcoin can’t afford it,” write Ethereum advocate Evan Van Ness. Ethereum mentor Anthony Sassano also Na -Post To clear the “unauthorized blockchain” Custodia specified in its announcement.
“In case it’s not obvious, it’s built in Ethereum.”
Source: Matthew Sigel
Related: Ethereum poised for record highs in Q1 2025, analysts predict
Ethereum is ensuring $ 125.8 Billion worth of stablecoins in its network, almost doubling the second place tron blockchain to $ 64.8 Billion, Defillrama data is displayed.
Ethereum also has tookenize More than $ 3.6 billion worth of US Treasury Bills – seven times more than its next competitor, Stellarat $ 465.7 million, according to RWA.xyz Data.
Magazine: Comeback 2025: Did Ethereum help to meet Bitcoin and Solana?
