Custodia managed token issuance, custody and analytics, while Vantage Bank held fiat reserves and provided Fedwire/ACH settlement services

Quotes that support claims

Vantage Bank, based in Texas, held the fiat reserves backing the tokens and facilitated traditional settlement services via Fedwire and ACH.

Vantage Bank managed the fiat dollar reserves and standard banking services like Fedwire/ACH systems while Custodia handled the blockchain tokenization and analytics side

Custodia Bank, based in Wyoming, managed the issuance, custody, monitoring, and reconciliation of the tokens using its proprietary Avit Management System