{"id":153850,"date":"2025-03-26T20:00:08","date_gmt":"2025-03-26T18:00:08","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=153850"},"modified":"2025-03-26T17:25:05","modified_gmt":"2025-03-26T15:25:05","slug":"two-major-banks-launch-u-s-bank-backed-stablecoin-on-ethereum","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/two-major-banks-launch-u-s-bank-backed-stablecoin-on-ethereum\/","title":{"rendered":"Two Major Banks Launch U.S. Bank-Backed Stablecoin on Ethereum"},"content":{"rendered":"

On March 25, they announced<\/a><\/strong> the successful launch of the \u201cAvit\u201d stablecoin, which is backed by tokenized U.S. dollar demand deposits. Unlike synthetic dollars, as described by Federal Reserve officials, Avit is backed by actual dollars in a U.S. bank\u2019s demand deposit accounts, allowing for real-time transfer and redemption on the Ethereum<\/a><\/strong> blockchain using the ERC-20 standard.<\/p>\n

This milestone represents a significant development in the integration of blockchain into the U.S. financial system, signaling the potential for banks to tokenize assets in a compliant manner. Custodia\u2019s CEO, Caitlin Long, pointed out the regulatory breakthrough, stressing that the partnership with Vantage Bank proves that U.S. banks can legally engage with blockchain technology to create new payment systems.<\/p>\n

The event was hailed as a pivotal moment in the evolution of the financial landscape, with Vantage Bank\u2019s CEO, Jeff Sinnott, praising the collaboration as a key moment in reshaping the payments space through the use of stablecoins and blockchain. Long also clarified that Avit is fully backed by legal U.S. dollars, noting that only a select group of entities, including Custodia, are authorized to issue such \u201creal\u201d dollars.<\/p>\n