Groundbreaking US Bank Stablecoin Now Live on Permissionless Blockchain
Custodia Bank and Vantage Bank made history on March 25 by completing the first-ever tokenization of U.S. dollar bank deposits on Ethereum, issuing Avit stablecoins.
This transaction, conducted on a permissionless blockchain, allows programmable, auditable digital dollar payments and supports a regulated, dollar-backed stablecoin system. The banks ensured regulatory compliance, meeting requirements such as the Bank Secrecy Act and anti-money laundering regulations.
The milestone demonstrates how blockchain can revolutionize traditional finance while maintaining regulatory oversight, marking a significant shift in how banks can leverage blockchain technology for cross-border payments.
Clever Robot News Desk 27th March 2025
