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The Avit pilot demonstrated interoperable, regulated payments on a permissionless blockchain, in contrast to permissioned systems like JPM Coin or Tassat
Custodia remains engaged in a legal battle for access to a Federal Reserve master account, after being denied in 2023 amid the “Operation Choke Point 2.0” crackdown on crypto banking
Custodia CEO Caitlin Long said the pilot proves US banks can compliantly tokenize deposits on a permissionless blockchain, while Vantage CEO Jeff Sinnott called it a pivotal moment for cross-border payments and US dollar trust
Custodia operates under a full-reserve banking model as a Wyoming Special Purpose Depository Institution (SPDI), setting it apart from traditional fractional-reserve banks

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