Custodia Bank has partnered with Vantage Bank to complete what the two companies call "the first bank-issued stablecoin in the US" on a permissionless blockchain. Custodia said on March 25 that it has tokenized US dollar demand deposits and facilitated the issuance, transfer and exchange of the stablecoin "Avit" on Ethereum through the ERC-20 token standard. Mr. Castodia added: "New dollar payment channels have now been launched within the US banking system." Caitlin Long, chief executive of Custodia, said: "We have made a legal/regulatory breakthrough to demonstrate that Bank of America can collaborate to tokenise demand deposits on a permissionless blockchain in a regulatory-compliant manner."