In the same announcement, Avanti revealed its plans to issue Avit, a programmable digital asset that can only be issued by banks and will be treated as a cash equivalent.
According to CoinDesk, if Avanti’s charter application is approved in October 2020, the bank will be the only financial institution capable of issuing Avit. While Avit would not be pegged one-to-one to the US dollar, the currency would be 100% backed by a reserve of liquid traditional US assets, as the bank requires this reserve for all the assets its custodies.
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