Summary

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Avit is a Custodia-patented and trademarked stablecoin, pegged to the U.S. dollar and backed by dollar reserves held at participating banks

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

The Avit transactions were conducted within a regulated environment and met Bank Secrecy Act (BSA), anti-money laundering (AML), and Office of Foreign Assets Control (OFAC) standards, requiring custom documentation and procedures

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

Custodia and Vantage partnered to issue Avit, the first US bank-issued stablecoin

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