Avanti announced a "stablecoin disruptor" - Avit
Avanti Bank & Trust, a pioneering Wyoming-based financial institution that plans to offer services to the cryptocurrency industry, announced plans to create a "stablecoins disruptor" that aims to modernize US dollar payments.
In an announcement on July 23, Avanti stated that a payment instrument, dubbed "Avit", was not a security token and predicted that "it would likely be treated as a cash equivalent by regulators." Avit will be programmable via the Avanti API.
The company believes Avit will be adopted by "institutional traders and corporate treasurers" and has described it as "a real-time US dollar payment solution that will have no delayed settlement issues, traditional payment chargebacks and legal issues." , accounting and tax stablecoins ".
Avanti also revealed that the Wyoming Banking Division accepted the company's application for a bank statute on July 15, postponing its target banking start date to October of this year.
"Our proposal for a statute contains really new ideas that have been thoroughly scrutinized by many regulators,"
said Avanti CEO and Wall Street veteran Caitlin Long.
"This is the culmination of a tremendous effort by the fantastic Avanti team - several thousand hours of planning and working with regulators, and hundreds of pages of supporting policies, procedures and documentation."