Custodia, Vantage Bank Tokenize US Dollar Demand Deposit using Custodia’s Avit Stablecoin
The Custodia Bank and Vantage Bank completed the tokenization of US dollar demand deposits in Ethereum Mainnet.
Banks issued and redeemed the Avit Stablecoins of Custodia in Ethereum Mainnet, which marked a major milestone on the blocking bank -based blockchain.
They conducted a series of eight regulated trial transactions, involving minting, transferring, and redemption of Avit tokens under full compliance with US banking, including BSA/AML/OFAC regulations.
The Vantage Bank holds FIAT reserves and traditional banking services (FEDWIRE/ACH), while the Custodia Oversaw Blockchain function such as release, caution, and reconciliation through the Avit management system.
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