Good news keeps rolling in for the cryptocurrency world as two US banks – Custodia and Vantage – have joined forces to launch ‘America’s first-ever bank-issued stablecoin,’ known as Avit. This innovative development could positively impact other cryptocurrencies, like Best Wallet Token, by enhancing confidence in the stability of digital currencies.
One notable individual who may not share this enthusiasm is President Trump, who recently announced plans for his own US dollar-pegged stablecoin, dubbed $USD1.
With two existing US dollar stablecoins already on the market – $USDC and $USDT – one might wonder if the ecosystem is at risk of being inundated with too many dollar-backed coins.
Too Many US Dollar-Pegged Stablecoins, Too Few Users?
The growing number of US dollar-pegged stablecoins could lead to a scenario where the market lacks sufficient adoption to support them all. Popular stablecoins like $USDT and $USDC, though not bank-issued, have established a solid footing and are utilized regularly in various transactions.
In February 2024, Tether, the company behind USDT, announced impressive profits of $13 billion, while Circle, the issuer of USDC, reported profits exceeding $1.6 billion. However, since neither company is publicly traded, their profitability claims remain unverifiable on the surface.
The question now arises: Where do the emerging tokens, $USD1 and Avit, fit into this competitive landscape? Can President Trump’s endorsement provide $USD1 with the leverage it needs to succeed?
Avit’s release as an ERC-20 token on the Ethereum blockchain has sparked excitement within the crypto community, particularly among $ETH supporters. Caitlin Long, CEO of Custodia, has been vocal in distinguishing the legitimacy of their stablecoin compared to others, asserting that Avit represents a “real dollar” given its bank-backed issuance.
Gov Waller is right – to date, every stablecoin issued in crypto is a “synthetic dollar” – but what Custodia Bank issued yesterday is a “real dollar” precisely because it was issued by a bank authorized to take deposits. We tokenized a bank’s ‘demand deposit’ & that’s different.
Custodia’s choice to launch Avit on Ethereum, shifting from their previous Bitcoin-centric stance, has not gone unnoticed. Advocates within the Ethereum community have expressed their optimism for this pivot, with Evan Van Ness stating succinctly,
ETH fixed this. Bitcoin couldn’t.
If Avit gains traction, it would significantly enhance Ethereum’s standing in the blockchain arena, potentially overshadowing its competitors.
SEC Roundtables Discuss More Crypto Adoption Plans
In a move that sounds like a plot from a superhero film, the SEC Crypto Task Force is organizing four additional roundtables focused on the subjects of trading, custody, tokenization, and DeFi, with the first event slated for April 11th. Attendees can join the discussions both in person and online.
The Crypto Task Force was initiated following President Trump’s inauguration, tasked with creating a sustainable framework for cryptocurrency. This includes a shift towards more favorable regulations and the potential cessation of long-standing lawsuits against crypto firms.
The anticipated collaboration between the SEC and the crypto industry is seen as a promising development for newer projects, including upcoming presales like Best Wallet Token ($BEST).
Custodia and Vantage’s aspirations align with these goals, aiming to integrate cryptocurrency smoothly into everyday transactions.
Best Wallet Token ($BEST) – Invest In a Wallet For Online & Offline Payments
Best Wallet Token ($BEST) is gaining momentum as one of the top presales of 2025, amassing over $11.5 million to date. This token serves as the backbone of Best Wallet, offering holders exclusive benefits unavailable to the general public.
Among these benefits are reduced transaction fees, attractive staking rewards, governance rights, and early access to future projects—details of which remain undisclosed.
Currently, the token price is set to increase, standing at $0.024475 with a staking APY of 137%.
The overarching vision behind Best Wallet mirrors that of Avit: to embed cryptocurrency into the daily financial lives of consumers. This initiative includes plans for a BEST debit card, facilitating seamless transactions for both online and offline purchases.
The gradual phasing out of cash could soon become a reality.
Do Your Crypto Research!
As we near the conclusion of this discussion on promising altcoins, it’s crucial to reiterate a well-worn piece of advice: do your own research. While the excitement surrounding the crypto space is palpable, the volatility and unpredictability are ever-present.
When investing in cryptocurrencies, it’s vital to consult credible sources and form your own conclusions. Remember the golden rule: don’t invest more than you can afford to lose—including funds earmarked for your family’s future or retirement savings.
