Custodia Bank and Vantage Bank have successfully completed the tokenization of U.S. dollar demand deposits on the Ethereum mainnet. The banks issued and utilized Custodia’s Avit stablecoins, marking a significant achievement in the realm of blockchain-based banking.

Key Highlights:

• The banks executed a sequence of eight regulated test transactions, which included minting, transferring, and redeeming Avit tokens while adhering to all applicable banking regulations, including BSA/AML/OFAC.
• Vantage Bank managed fiat reserves and provided traditional banking services, whereas Custodia focused on blockchain functions, like issuance and custody via its Avit Management System.

Disclaimer: Portions of this article were produced with AI tools and subsequently reviewed by our team for accuracy.