The good news just seems to keep on coming for crypto. Two US banks – Custodia and Vantage – have teamed up to produce ‘America’s first-ever bank-issued stablecoin’ called Avit, and this first US bank stablecoin could prove to be good news for other coins like Best Wallet Token.
One person who won’t be happy though is President Trump, who earlier announced plans for his own US dollar-pegged stablecoin, $USD1.
With two other US dollar stablecoins in existence – $USDC and $USDT – is the market at risk of getting flooded with too many of these US dollar cryptocoins?
Too Many US Dollar-Pegged Stablecoins, Too Few Users?
There may be a risk that we’re going to have far too many US dollar-pegged stablecoins out there, and not enough adoption to sustain them. Two of them – $USDT and $USDC – are not bank-issued but they’re still popular and regularly used.
In February 2024, Tether (the company behind USDT) announced profits of $13B, and Circle (the company behind USDC) said their profits had topped $1.6B. However, since they’re not public companies required to open their books, we have to take their word for it.
So where does that leave the two scrappy incoming tokens, $USD1 and Avit? Will there be space for them to compete? Will President Trump’s backing be enough for $USD1 to muscle its way in?
One thing is for sure – Avit’s adoption as an ERC-20 token on the Ethereum blockchain has $ETH fans cheering – and Custodia CEO Caitlin Long crowing. However, Long went to great pains to push back on the Fed Governor’s remarks that ‘stablecoins are synthetic dollars.’ Long begged to differ.
Gov Waller is right–to date, every stablecoin issued in crypto is a “synthetic dollar” – but what Custodia Bank issued yesterday is a “real dollar” precisely because it was issued by a bank authorized to take deposits. We tokenized a bank’s ‘demand deposit’ & that’s different.
By bringing out Avit on the Ethereum blockchain, Custodia showed a big shift in their thinking. In the past, they’ve always championed Bitcoin. Choosing to bring out Avit as an ERC-20 token on Ethereum did not go unnoticed, including Ethereum advocate Evan Van Ness who was blunt.
ETH fixed this. Bitcoin couldn’t.
If Avit truly takes off, this would consolidate Ethereum as the GOAT in the room – and leave all other blockchains in the dust.
SEC Roundtables Discuss More Crypto Adoption Plans
The new Marvel-sounding SEC Crypto Task Force is planning 4 more crypto roundtables on the subjects of trading, custody, tokenization, and DeFi. With the first one on April 11th, the public are invited to attend in person or online. Get your popcorn and beer ready.
The Crypto Task Force – launched one day after President Trump took office – has been told to come up with a workable crypto framework. This has involved abandoning long-running lawsuits against crypto companies and relaxing the rules in general towards crypto adoption.
This new SEC-crypto bromance is widely expected to be extremely beneficial for new crypto – such as meme coins – currently in presale, such as Best Wallet Token ($BEST).
Their plans align with what Custodia and Vantage are trying to do – bring crypto into the mainstream and make it a default form of payment.
Best Wallet Token ($BEST) – Invest In a Wallet For Online & Offline Payments
Best Wallet Token ($BEST) is shaping up as one of the best presales of 2025, having raised more than $11.5M so far. It’s the native token of Best Wallet, and holders of $BEST will get exclusive benefits which won’t be available to the rest of the unwashed masses.
These benefits include cheaper transaction fees, higher staking rewards, governance and voting rights to influence the Best Wallet token, and early access to new projects. Although those ‘new projects’ have not been specified yet.
The current token price – which is set to increase today – is $0.024475 and the staking APY is 137%.
The bigger picture though is the Best Wallet itself.
Like the first US bank stablecoin, Best Wallet wants crypto payments to be something that people do by default. To that end, they want to introduce the BEST debit card, which will enable users to pay for online and offline purchases using their Best wallet balance.
Cash could become a thing of the past.
Do Your Crypto Research!
We end with our usual disclaimers. All of this talk about the best altcoins is obviously very motivating. But nobody can predict the future. Therefore, you’re going into uncertain territory when you invest in crypto.
Therefore, don’t take anybody’s word for it – do your own independent research, consult lots of credible sources (your uncle Chad doesn’t count), and make your own decisions. Plus the most important rule of all – don’t invest what you can’t afford to lose. That includes the kid’s college fund and your spouse’s 401K.
