Custody Bank and Vantage Bank have completed the tokenization of the demand deposits of the US dollar in the Ethereum Mainnet.
The banks issued and exchanged the AVIT stable of custody in the Ethereum Mainnet, marking an important milestone in blockchain -based bank innovation.
They carried out a series of eight regulated test transactions, which involve coining, transferring and redeeming tokens avit under the total compliance with US banking, including BSA/AML/ofac regulations.
Vantage Bank managed fiduciary reserves and traditional banking services (Fedwire/ACH), while custody supervised the functions of Blockchain, such as broadcasting, custody and conciliation through its Avit management system.
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