Custodia, Vantage Bank Tokenize U.S. Dollar Demand Deposits Using Custodia's Avit Stablecoin
03/25/2025 19:46
They conducted a series of eight regulated test transactions, involving minting, transferring, and redeeming Avit tokens under full U.S. banking compliance.
They conducted a series of eight regulated test transactions, involving minting, transferring, and redeeming Avit tokens under full U.S. banking compliance.
Mar 25, 2025, 12:30 p.m. UTC
Custodia Bank and Vantage Bank have completed the tokenization of U.S. dollar demand deposits on the Ethereum mainnet.
The banks issued and redeemed Custodia's Avit stablecoins on the Ethereum mainnet, marking a major milestone in blockchain-based banking innovation.
They conducted a series of eight regulated test transactions, involving minting, transferring, and redeeming Avit tokens under full U.S. banking compliance, including BSA/AML/OFAC regulations.
Vantage Bank handled fiat reserves and traditional banking services (Fedwire/ACH), while Custodia oversaw blockchain functions such as issuance, custody, and reconciliation through its Avit Management System.
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James Van Straten
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin's role within the broader financial system. In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
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