Deployments · Avit · platform by Custodia Bank

Hazel Network (Avit tokenised deposits)New

Custodia Bank and Vantage Bank Texas tokenise US dollar demand deposits as Avit tokens, ERC-20 contracts on Ethereum mainnet. In March 2025 they minted, transferred and redeemed Avit for a bank customer, including a business-to-business payment outside the banking system; in May 2025 logistics firm DX Xpress used them for payments between Mexico and the US, and in June 2025 for geolocation-triggered payments. In October 2025 the two banks opened the platform to other US banks and credit unions as a consortium, using Infinant's Interlace platform, and in June 2026 named it Hazel Network: one token that is an insured deposit while held inside the member-bank consortium and a reserve-backed stablecoin outside it. Its reference implementation has run on Ethereum mainnet since March 2026, with full availability planned for Q4 2026.

Pilot since 24 Mar 2025^[1]i — Real-value transactions for a small number of named customers; Custodia said in October 2025 that scaling awaits final regulatory approval, and in June 2026 that production testing is in phase one of four. · Reviewed 24d ago i

Assets

Bank deposit^[5]

Avit: tokenised US dollar demand deposits that act as a reserve-backed stablecoin when held outside the consortium

Networks

Ethereum Public, permissionless^[1][6]

Use cases i

Domestic payments^[1]Cross-border payments^[2]Programmable payments^[3]

Jurisdictions

United States, Mexico

Participants

• Custodia BankPlatform provider, Operator, Issuer, Technology provider^[6][1]United States
• Vantage Bank TexasIssuer, Operator^[1][4]United States
• InfinantTechnology provider^[4][5]United States
• DX Xpress (Grupo Directo Express)Client or user^[2]Mexico
• ParticipateTechnology provider^[7]United States
• Rio BankClient or user^[7]United States
• Further consortium banks were said to be committed but not named; the June 2026 release says a first group of banks will be announced. Participate says it will offer tokenised-deposit loan payments to its network of more than 750 banks, none of them named as users yet.^[7]

Assets

• IssuesAvit tokenised US dollar deposit (Avit)^[1]

Timeline

1. Expected Q4 2026 (month only) · Launch · recorded 15 Oct 2026
   Hazel Network planned to be fully available to member banks and their customers.^[5]
2. Happened 18 Jun 2026 · Announcement · recorded 15 Oct 2026
   The platform is named Hazel Network in a white paper; reference implementation live on Ethereum mainnet since March 2026, first of four production test phases complete, full availability planned for Q4 2026.^[5]
3. Happened 23 Oct 2025 · Announcement · recorded 15 Oct 2026
   Vantage and Custodia open the tokenised deposit platform to community and regional banks and credit unions as a consortium, using Infinant's Interlace platform.^[4]
4. Happened 26 Jun 2025 · Scope expansion · recorded 15 Oct 2026
   First geolocation-triggered payments with Avit, made by professors at TCU and the University of Wyoming.^[3]
5. Happened 5 May 2025 · Scope expansion · recorded 15 Oct 2026
   DX Xpress uses Avit for cross-border payments between Mexico and the United States.^[2]
6. Happened 24 Mar 2025 · First transaction · recorded 15 Oct 2026
   Custodia and Vantage mint, transfer and redeem Avit on Ethereum mainnet for a bank customer in eight stages, including self-custody and a business-to-business payment.^[1]

Sources i