Custodia collaborates with Vantage Bank to launch 'first bank issued stablecoin'

According to Golden Finance, Custodia Bank has partnered with Vantage Bank to complete what the two companies refer to as the "first stablecoin issued by a bank in the United States" on a permissionless blockchain. On March 25th, Custodia announced that it has tokenized US dollar demand deposits and promoted the issuance, transfer, and exchange of the stablecoin "Avit" on Ethereum through the ERC-20 token standard. Castodia added, "New US dollar payment channels have now been launched within the US banking system Caitlin Long, CEO of Custodia, said, "We have made a breakthrough in legal/regulatory aspects, proving that Bank of America can collaborate to tokenize demand deposits on permissionless blockchain in a regulatory manner