Golden Finance reported that Custodia Bank has partnered with Vantage Bank to complete what the two companies call "the first stablecoin issued by the U.S. bank" on a permissionless blockchain. Custodia said on March 25 that it has tokenized US dollar demand deposits and promoted the issuance, transfer and exchange of stablecoin "Avit" on Ethereum through the ERC-20 token standard. "There are now a new channel of US dollar payments within the U.S. banking system." "We have made a breakthrough in legal/regulatory efforts to prove that banks in America can collaborate to tokenize current deposits on a regulatory-compliant blockchain on a blockchain that does not require permission," said Caitlin Long, CEO of Custodia.