coindesk.com
Custodia Bank and Vantage Bank have completed the tokenization of U.S. dollar demand deposits on the Ethereum mainnet.
The banks issued and redeemed Custodia's Avit stablecoins on the Ethereum mainnet, marking a major milestone in blockchain-based banking innovation.
They conducted a series of eight regulated test transactions, involving minting, transferring, and redeeming Avit tokens under full U.S. banking compliance, including BSA/AML/OFAC regulations.
Vantage Bank handled fiat reserves and traditional banking services (Fedwire/ACH), while Custodia oversaw blockchain functions such as issuance, custody, and reconciliation through its Avit Management System.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.