Custodia Bank and Vantage Bank conducted an 8-step pilot involving minting, transferring and redeeming Avit tokens on Ethereum using the ERC-20 standard, demonstrating how tokenized bank deposits can function in business transactions

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The process involved eight steps: the banks minted Avit tokens, allowed a customer to move them into self-custody, deployed them in business-to-business transactions and then returned them to Custodia Bank to be redeemed for cash

The stablecoin was used in a series of test transactions with a business customer. The pilot included minting, transferring, and redeeming tokens on the Ethereum (ETH) mainnet using the ERC-20 standard.