Source: Caitlin LongVantage Bank CEO and President Jeff Sinnott said the event was a “pivotal moment in reshaping the financial landscape, demonstrating how blockchain and stablecoins can revolutionize payments.”In a series of posts on X, Long explained that the Avit stablecoin was a “real dollar” and not a “synthetic” dollar, as Federal Reserve Board Governor Christopher Waller called stablecoins in a Feb.12 speech.“Real” US dollars, Long explained, can only be issued by the Federal Reserve and a few legally authorized entities, including Custodia Bank.
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.
Ethereum educator Anthony Sassano also posted to make clear the “permissionless blockchain” Custodia referred to in its announcement.“Just in case it wasn’t obvious, this is built on Ethereum.”Source: Matthew SigelRelated: Ethereum poised for record highs in Q1 2025, analysts predictEthereum secures over $125.8 billion worth of stablecoins on its network, nearly doubling the second-place Tron blockchain at $64.8 billion, DefiLlama data shows.
or
Share This Story
Article Details
Author / Journalist: Cointelegraph by Brayden Lindrea
The story "Custodia and Vantage Bank partner for ‘first bank-issued stablecoin’" has 385 words across 13 sentences, which will take approximately 2 - 4 minutes for the average person to read.
Which news outlet covered this story?
The story "Custodia and Vantage Bank partner for ‘first bank-issued stablecoin’" was covered 3 days ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 27 news stories per day.
It's most recent story was published 11 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Negative, indicating that people regard this as "bad news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
