In a move that’s sure to make Bitcoin weep into its digital wallet, Custodia Bank, the financial equivalent of a tech-savvy grandpa, has cozied up with Vantage Bank to birth what they’re calling “America’s first bank-issued stablecoin.” And no, this isn’t your average coin flip—this is the real deal, folks, minted on a blockchain that’s as open as a 24-hour diner.
On March 25, Custodia essentially turned dollar bills into digital gold, tokenizing US dollar demand deposits like a magician pulling coins from behind your ear. The stablecoin, named “Avit,” is now zipping around Ethereum faster than a cat on a Roomba, all thanks to the ERC-20 token standard.
“We’ve just flipped the ‘on’ switch for a whole new way of paying in the US banking system,” boasts Custodia, probably while high-fiving over a pile of blockchain diagrams.
Custodia’s CEO, Caitlin Long, who’s basically the Hermione of regulatory compliance, says they’ve proven that US banks can tokenize demand deposits without asking for a hall pass from the regulators. Take that, red tape!
Vantage Bank’s top dog, Jeff Sinnott, is equally thrilled, calling this a “pivotal moment” that’s reshaping the financial landscape more than a bulldozer at a sandcastle competition.
But wait, there’s more! Caitlin Long took to the interwebs to clarify that Avit is the real McCoy, not some “synthetic” dollar knock-off. According to her, Avit is as real as the dollars in your checking account—minus the crumpled Starbucks receipts.
Ethereum Backers Do a Happy Dance
Custodia, known for its love affair with Bitcoin, has now decided to take Ethereum out for a spin. And Ethereum fans are over the moon, because let’s face it, ETH fixed this. Bitcoin? Not so much.
“In case you live under a rock, this is built on Ethereum,” Ethereum’s biggest fanboys remind us, probably while wearing Ethereum-themed socks.
Ethereum, the cool kid in the blockchain playground, is now home to over $125.8 billion worth of stablecoins, making it the go-to spot for digital dough. Tron? Eat your heart out.
Oh, and did we mention Ethereum’s also the king of tokenizing US Treasury bills? Because it is, and it’s not afraid to show off.
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2025-03-26 08:29