The world of cryptocurrencies continues to surge with never-ending innovations. Recently, two major US banks, Custodia and Vantage, have formed a partnership to introduce ‘Avit,’ a pioneering stablecoin from a bank in the US. While this development can be promising for other cryptocurrencies, such as Best Wallet Token, it may not bode well for those planning similar ventures, such as President Trump. Given the presence of other US dollar stablecoins like $USDC and $USDT, the question arises: Is the crypto world on the verge of a US dollar stablecoin glut?
# Are We Heading Towards a US Dollar Stablecoin Overload?
The crypto industry appears to be on an unstoppable trajectory towards an excess of US dollar-pegged stablecoins, with potentially insufficient users to support them. Prominent stablecoins like $USDT and $USDC aren’t issued by banks but still hold considerable popularity and use. According to reports, in 2024 Tether and Circle – the companies behind USDT and USDC, respectively – claimed profits of $13B and $1.6B. However, as these aren’t publicly traded companies, their claims aren’t verifiable.
This scenario raises questions about the survival of the newer tokens, $USD1 and Avit. Is there sufficient room for them to compete? Can President Trump’s backing ensure a strong foothold for $USD1?
Avit’s acceptance as an ERC-20 token on the Ethereum blockchain is the big news for $ETH enthusiasts and Custodia CEO Caitlin Long. However, Long made clear her disagreement with the Federal Reserve Governor’s view of stablecoins as ‘synthetic dollars,’ arguing that Avit is a ‘real dollar’ because it was issued by a bank authorized to accept deposits. According to her, Avit is a tokenized ‘demand deposit,’ which makes it unique.
Custodia’s choice to launch Avit on the Ethereum blockchain, over their previous favorite, Bitcoin, indicates a shift in their approach. This move didn’t go unnoticed by Ethereum advocate Evan Van Ness, who stated plainly that “ETH fixed this. Bitcoin couldn’t.”
If Avit does take off, Ethereum’s position as the undisputed leader in blockchain technology will be further solidified.
# SEC to Hold More Discussions on Crypto Adoption
The SEC’s newly formed Crypto Task Force is set to arrange four more roundtables focusing on trading, custody, tokenization, and DeFi. The general public is welcome to participate either in person or online.
Launched a day after President Trump’s inauguration, the Crypto Task Force is tasked with designing a viable crypto framework. This has involved dropping long-standing lawsuits against crypto companies and generally relaxing regulations towards crypto acceptance.
Such developments are expected to be highly beneficial for new cryptocurrencies, like meme coins, currently in presale, including Best Wallet Token ($BEST). These initiatives align with Custodia and Vantage’s objective of bringing crypto to the mainstream and making it a standard form of payment.
# Best Wallet Token ($BEST): An Investment in a Future Without Cash
The Best Wallet Token ($BEST) holds promise as one of the top presales of 2025, having already raised over $11.5M. Being the native token of Best Wallet, $BEST owners enjoy exclusive benefits, such as lower transaction fees, greater staking rewards, voting and governance rights over the Best Wallet token, and early access to new initiatives.
The current price of the token is $0.024475 with a staking APY of 137%. However, the primary focus is on the Best Wallet itself. Like Avit, Best Wallet intends to make crypto payments default for people. Therefore, they plan to launch the BEST debit card, allowing users to make online and offline purchases using their Best Wallet balance, thereby potentially rendering cash obsolete.
# Time for Your Crypto Homework!
As usual, it’s crucial to remember that while the prospect of investing in altcoins can be exciting, no one can predict the future. Cryptocurrency investment involves considerable uncertainty. So, it’s vital to do your independent research, seek advice from reliable sources, and make your own investment decisions. Most importantly, never invest more than you can afford to lose.
What is the editorial process for Bitcoinist?
The editorial process at Bitcoinist is centered on delivering thoroughly researched, accurate and unbiased content. We adhere to strict sourcing standards and every page is reviewed meticulously by our team of top technology experts and seasoned editors. This procedure ensures the relevance, value, and integrity of our content for our readers.
How can I stay updated on the future potential of cryptocurrencies?
To keep abreast with the evolving cryptocurrency market, it’s advisable to resort to a reliable financial insights platform like Finances Zippy. Such platforms provide real-time price predictions and expert-driven market trends.
What advantages can I expect from holding Best Wallet Tokens?
If you hold Best Wallet Tokens, you can enjoy numerous benefits. These include lower transaction fees, higher staking rewards, voting and governance rights over the Best Wallet token, and early access to new projects.
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