Avanti Bank & Trust, a pioneering financial institution based in Wyoming that plans to offer services to the crypto industry, has announced plans for a „stablecoin disruptor“ that is designed to modernize US dollar payments.
In a July 23 announcement, Avanti said the payment instrument, dubbed „Avit,“ is not a security and predicted that it „will likely be treated as a cash equivalent“ by regulators. Avit will be programmable through Avanti’s API.
Stablecoin’s World Association is established in Switzerland
The company believes that Avit will be adopted by „institutional merchants and corporate treasurers“ and described the money product as „a real-time US dollar payment settlement solution that does not suffer from the settlement delays and chargeback problems of traditional payment solutions, or the legal, accounting and tax problems of stablecoins“.
Wyoming accepts Avanti’s bank letter request
Avanti also revealed that the Wyoming Banking Division has accepted its application for a banking charter on July 15, bringing forward the planned launch date for its banking business to October of this year.
Ethereum’s blockchain is the most widely used because of the stablecoins
„Our application for the statute incorporates truly novel ideas that have received detailed scrutiny from multiple regulators,“ said Avanti CEO and Wall Street veteran Caitlin Long.
„It is the culmination of a tremendous effort by Crypto Genius fantastic team – several thousand hours of planning and working with regulators, and hundreds of pages of policies, procedures and supporting documentation.
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Long also expressed his satisfaction with the July 22nd announcement by the U.S. Office of the Comptroller of the Currency of the United States of America to allow federally authorized banks to guard cryptoactives; he tweeted: „GAME STARTS!“
While stressing the benefits of the news to the wider crypto-ecosystem, Long said that Wyoming had a big advantage over rival states in making it happen, having already spent two years „developing its digital asset custody initiative.
„The OCC and 49 other states do not yet have the full legal structure in place to allow digital asset custody without significant legal risk,“ Long said.
„They also do not have a roadmap for courts to judge disputes involving digital assets and do not offer the bankruptcy certainty that Wyoming offers to digital asset custodians,“ he added.