Vantage Bank and Custodia have released a white paper detailing the Hazel Network, a bank-architected token system that bridges traditional banking with blockchain technology. The platform features a unified token that automatically transforms between a tokenized bank deposit and a stablecoin depending on who holds it. Inside the banking consortium, the token functions as an FDIC-insured bank deposit. Outside the consortium, it operates as a GENIUS Act-compliant stablecoin backed by liquid assets. This design eliminates conversion friction and protects customer-bank relationships. The network includes three-layer compliance screening covering anti-money laundering, blockchain analytics and on-chain sanctions checks. Banks can integrate through three models, with the quickest requiring four to six weeks implementation. The reference implementation went live on Ethereum mainnet in March 2026, with full availability scheduled for Q4 2026.

Vantage Bank CEO Jeff Sinnott and Custodia CEO Caitlin Long have secured the top two positions in American Banker's inaugural "Most Innovative People in Finance" ranking. The executives co-founded Hazel Network, a tokenized deposit and stablecoin platform designed for banks. Hazel Network enables banks to integrate programmable tokenization technology with built-in compliance controls. The system converts tokenized deposits to GENIUS Act-compliant stablecoins when customers send tokens outside the network, automatically reverting upon return. The network launched on Ethereum mainnet in April and completed its first testing stage. Sinnott was recognised for pioneering the first US bank-issued stablecoin and a cross-border payment pilot that reduced wire costs by 94%. Long was honoured for building digital asset infrastructure and advancing stablecoin regulatory clarity. The Texas Bankers Association is supporting banks joining the network.