Stablecoin Launch Custodia Issues Ethereum Token

Custodia Bank Launches First Bank-Issued Stablecoin on Ethereum

• Custodia Bank, in collaboration with Vantage Bank, issued the Avit stablecoin on Ethereum.
• The issuance is claimed to be the first bank-issued stablecoin on a permissionless blockchain.
• The process occurred in eight transaction stages, with Custodia managing blockchain issuance and custody services.
• Vantage Bank provided FedWire/ACH services and managed fiat reserves for the stablecoin.
• The stablecoin market cap increased by $4 billion recently, reaching over $233 billion.

Custodia Bank has launched its Avit stablecoin on Ethereum, marking a significant step as the first bank-issued stablecoin on a permissionless blockchain. This development comes amid rising demand for U.S. dollar stablecoins globally.