,The network currently holds over$125.8 billion in stablecoins, significantly outpacing competitors. Additionally, Ethereum hosts more than$3.6 billion in tokenised US Treasury bills.,

Custodia Bank and Vantage Bank have launched Avit, the first US bank-issued stablecoin deployed on a permissionless blockchain.

Tokenised US dollar demand deposits were issued on Ethereum using the ERC-20 standard, marking a significant development in the financial sector. Custodia described the initiative as a new payment rail within the US banking system.

Custodia CEO Caitlin Long emphasised that Avit represents a 'real dollar' stablecoin, backed by demand deposits rather than synthetic tokens. Vantage Bank CEO Jeff Sinnott highlighted the launch as a transformative payment moment. He emphasised the growing role of blockchain in traditional banking.

Ethereum supporters praised Custodia's choice of blockchain, with industry figures pointing out its dominance in securing stablecoins and tokenised assets.

The network currently holds over$125.8 billion in stablecoins, significantly outpacing competitors. Additionally, Ethereum hosts more than$3.6 billion in tokenised US Treasury bills.

Stablecoin adoption has surged, with active wallets increasing by 53% over the past year. The total supply of stablecoins also jumped from$138 billion in February 2024 to$225 billion a year later.

Federal Reserve Governor Christopher Waller stated that they could strengthen the currency's global dominance by facilitating faster payments and supporting financial inclusion.