Source: Cointelegraph Original: "{title}"

Custodia Bank, which supports cryptocurrencies, has partnered with Vantage Bank to launch what is being called "the first bank-issued stablecoin in the United States." This innovative initiative utilizes permissionless blockchain technology to tokenize U.S. dollar demand deposits.

Custodia revealed on March 25 that they will issue a stablecoin named "Avit" on Ethereum using the ERC-20 token standard, enabling its issuance, transfer, and redemption.

Custodia CEO Caitlin Long stated, "We have successfully overcome legal and regulatory hurdles, proving that U.S. banks can compliantly tokenize demand deposits on a permissionless blockchain. A new dollar payment channel has now been launched within the U.S. banking system."

Custodia CEO Caitlin Long emphasized, "We have made breakthroughs in legal/regulatory aspects, proving that U.S. banks can collaborate to compliantly tokenize demand deposits on a permissionless blockchain."

Source: Caitlin Long

Vantage Bank CEO and President Jeff Sinnott remarked, "This moment marks a reshaping of the financial landscape, showcasing how blockchain and stablecoins can revolutionize payment methods."

In a series of posts on X, Long explained that the Avit stablecoin is "real dollars," not "synthetic" dollars. According to remarks made by Federal Reserve Board member Christopher Waller on February 12, synthetic dollars are backed by other assets rather than directly representing fiat currency.

Long further explained, "'Real' dollars can only be issued by the Federal Reserve and its authorized legitimate entities, including Custodia Bank. The Avit stablecoin is referred to as 'real dollars' because it tokenizes the bank's demand deposits—funds that customers can withdraw at any time, such as money in a checking account."

Custodia Bank has historically been a supporter of Bitcoin, but its choice to use Ethereum as the platform for the stablecoin's issuance has garnered enthusiastic responses from Ethereum advocates.

Ethereum advocate Evan Van Ness wrote, "ETH solves this problem. Bitcoin cannot." Ethereum educator Anthony Sassano also pointed out in Custodia's announcement that the "permissionless blockchain" mentioned is, in fact, Ethereum.

"In case it's not obvious, this is built on Ethereum."

Source: Matthew Sigel

Related: Analysts predict Ethereum will reach an all-time high in Q1 2025

According to DefiLlama data, Ethereum currently hosts over $125.8 billion in stablecoins on its network, nearly double the $64.8 billion of the second-ranked Tron blockchain. Additionally, according to RWA.xyz data, Ethereum has tokenized over $3.6 billion in U.S. Treasury bonds, seven times more than its competitor Stellar's $46.57 million.

Magazine: 2025 Comeback: Does Ethereum Have a Chance to Catch Up to Bitcoin and Solana?

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