Avici, a decentralized neobank built on the Solana blockchain, has officially rolled out its "Virtual Accounts" system. This new feature provides users with personal account numbers and unique International Bank Account Numbers (IBANs), designed to streamline the process of receiving fiat currency payments and automatically converting them into stablecoins.
The core functionality addresses a significant friction point in the crypto ecosystem: the multi-step process of moving traditional currency into digital assets. Typically, users must send funds to an exchange, wait for clearance, and then manually convert to crypto. Avici's system, integrated with payment infrastructure provider MoonPay, aims to eliminate these intermediate steps. When a payment is sent to a user's personal IBAN, the system automatically converts the fiat into USDC or another stablecoin and deposits it directly into the user's self-custodial wallet on the Solana network.
A key differentiator is the assignment of a unique IBAN to each user, as opposed to shared banking systems. This approach is intended to enhance tracking, security, and fraud prevention by making it harder for bad actors to commingle funds. Users can set up their names, connect their traditional bank accounts to the Avici wallet, and use the service for both deposits and withdrawals, creating a two-way bridge between fiat and crypto.
The potential implications are broad, particularly for salaries and international remittances. The service could enable individuals to receive wages directly in stablecoins, bypassing traditional conversion fees and delays. Similarly, cross-border payments might become faster and cheaper if both parties utilize such systems. However, practical adoption hinges on factors like fee structures—which were not detailed in the announcement—and navigating varying banking regulations and anti-money laundering compliance across global jurisdictions.
The news was highlighted by SolanaFloor, a prominent Solana-focused media platform, indicating its significance within the Solana community. While the theoretical benefits for crypto usability and everyday finance are clear, the real-world performance, cost, and regulatory acceptance of Avici's virtual IBAN system remain to be seen.
