Two US Banks Successfully Test Tokenization of Deposits on Ethereum: Accelerating On-Chain Finance?
Son Min
Summary
- Two US banks have reportedly successfully tested tokenized dollar-based demand deposits on Ethereum.
- Custodia Bank and Vantage Bank announced that they completed eight tests involving the issuance and redemption of the stablecoin Avit (AVIT).
- This successful test is expected to be an important milestone in the future development of on-chain finance.
Two US banks have reportedly succeeded in tokenizing dollar-based demand deposits on the Ethereum (ETH) mainnet.
On the 25th (local time), CoinDesk reported, "Custodia Bank and Vantage Bank, based in the United States, have successfully tokenized dollar-based demand deposits on the Ethereum mainnet," adding, "The two companies completed eight tests, including issuing and redeeming Custodia's stablecoin, Avit (AVIT), on Ethereum."
The media stated, "All tests were conducted in full compliance with US banking regulations," and noted that "this will be an important milestone in the future development of on-chain finance."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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