Custodia and Vantage Bank partner for ‘first bank-issued stablecoin’

The crypto-friendly Custodia Bank has worked with Vantage Bank to complete what the two firms say is “America’s first-ever bank-issued stablecoin” on a permissionless blockchain. Custodia said on March 25 that it tokenized US dollar demand deposits and facilitated the issuance, transfer and redemption of the stablecoin “Avit” on Ethereum via the ERC-20 token standard. “A new US dollar payment rail has now been activated inside the US banking system,” Custodia added. “We broke ground on the legal/regulatory front, proving that US banks can collaborate to tokenize demand deposits on a permissionless blockchain in a regulatorily-compliant manner,” said Custodia CEO Caitlin Long source: https://cointelegraph.com/news/custodia-bank-helps-execute-first-bank-issued-stablecoin-transaction-in-us?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound