Avici

[[PROJECT:1862]] is a San Francisco-based crypto neobank built on Solana that issues Visa cards backed by self-custodied USDC collateral. Its core pitch — "Hold Crypto, get Cash" — describes a model where users never have to sell their assets to spend them. Founded in August 2023, Avici reached public launch and issued its governance token in October 2025.

How the Avici Card Works

The product mechanic is straightforward: a user deposits USDC into an on-chain Loan Escrow smart contract, and that collateral backs a USD credit balance on a Visa Signature debit card. The card settles automatically every one to seven days by liquidating from the escrow. There is no traditional credit underwriting and no credit score requirement — the position is fully collateralized.

Cards come in two tiers. A Platinum card costs $15 for virtual issuance or $50 for physical; a Signature card costs $30 in year one ($75 physical), then $20 annually. Both carry no transaction fees and a 0% foreign exchange markup, though Visa itself may add 0.4–1% on cross-border transactions. ATM withdrawals are free on the Signature tier, and cost $1 plus 0.65% on Platinum, with a $250 daily limit capped at three withdrawals.

According to Avici's public documentation, the platform has processed more than $1 million in Visa card spending, with 5,000 or more cards created and over 9,000 registered users. Month-on-month spending growth averages 35%, with 70% of users active the following month.

Account Abstraction and Multichain Wallet

Avici's smart wallet is built on ZeroDev's account abstraction stack. Users authenticate via passkeys rather than seed phrases, and the platform sponsors gas on all supported networks except Ethereum Mainnet, where standard fees apply. Solana users receive five free sponsored transactions per day.

The wallet supports any SPL token on Solana and any ERC-20 across ten EVM networks: Ethereum, Polygon, Base, Arbitrum, OP Mainnet, Avalanche, BNB, Monad, Mantle, and Scroll. USDC, USDT, and EURC can all serve as collateral.

Virtual Bank Accounts and On-Ramps

Alongside the card, Avici offers virtual USD accounts with ACH access (T+1 settlement) and same-day FedWire, plus EUR accounts with SEPA Instant and SEPA Credit support. Incoming bank transfers auto-convert to USDC in the user's smart wallet. Account fees are $0 to open, $1 per ACH or SEPA transfer, $15 per wire, with a $2 minimum transfer amount. Annual limits run to €27,000 before additional documentation is required.

Cards are issued in 45 or more regions, including the United States (29 states), Australia, Brazil, Japan, Singapore, UAE, Hong Kong, Mexico, and Argentina. A standard list of high-risk jurisdictions, including Russia, China, India, Iran, and Turkey, is excluded from both card and virtual account access.

AVICI Token and Futarchy Governance

[[TOKEN:BANKJmvhT8tiJRsBSS1n2HryMBPvT5Ze4HU95DUAmeta]] launched in October 2025 via [[PROJECT:869]]'s "unruggable ICO" platform. Total supply is 12.9 million tokens; the ICO price was $0.50. The sale was approximately 10x oversubscribed: Avici raised $34.2 million in commitments but accepted only $3.5 million and refunded the remainder. The founding team received zero tokens at launch, with any future team compensation subject to DAO approval through governance.

Governance follows MetaDAO's futarchy model, where token holders participate in prediction markets rather than direct voting. Decisions — including protocol upgrades and treasury disbursements — are executed based on which option the market predicts will produce a better outcome for the token. The token reached an all-time high of $7.61 on November 26, 2025, according to CoinGecko.

:::metric-cards

• label: Total AVICI Supply value: 12.9M compare_label: fully circulating sentiment: neutral
• label: Visa Card Spends value: "$1M+" compare_label: per official docs sentiment: positive
• label: Cards Created value: "5,000+" compare_label: per official docs sentiment: positive
• label: Monthly Retention value: 70% compare_label: month-on-month sentiment: positive :::

August 2026 Exploit and Response

On August 28, 2026, an attacker exploited a vulnerability in an outdated smart contract deployed by Rain, Avici's card-issuing infrastructure partner. The attacker executed 14,672 transactions using a sequence of SubmitSignatures, AddCollateralAdmin, and WithdrawCollateralAsset calls to gain admin access and drain card vault collateral. CryptoAdventure and BeInCrypto reported approximately $500,859 in losses across 1,685 affected users; early estimates from some outlets reached over $1 million before final reconciliation.

Funds held in users' self-custodial smart wallets were not affected. Only USDC deposited into the card collateral escrow contract was exposed.

Avici committed to full reimbursement for all affected users and filed a complaint with the FBI's Internet Crime Complaint Center (IC3). Rain patched the contract and upgraded all affected deployments. Avici also engaged third-party forensic investigators. The AVICI token fell roughly 50% to an all-time low of $0.2189 on the day of the incident.

:::callout{type="risk" label="Exploit context" source="BeInCrypto, August 2026"} The August 2026 drain affected only card vault collateral held in Rain's infrastructure contract — not funds in Avici's self-custodial wallets. Avici has committed to full user refunds and engaged forensic investigators. :::

Long-Term Roadmap

Avici's DAO documentation outlines a seven-phase plan aimed at replacing traditional banking infrastructure. Near-term phases focus on expanding stablecoin distribution and building an emerging-market neobank with local card rails. Later phases target a ZK-proof-based credit scoring system ("Trust Score") that would let users carry credit history across borders, followed by decentralized mortgage and loan products drawing from on-chain investor pools. The terminal goal, as stated in a January 2024 manifesto, is a futarchy-governed stablecoin positioned as an internet-native global reserve currency.

The platform has also shipped API and MCP integrations, connecting its wallet and market data to third-party tools including Claude and ChatGPT — a sign that the product is being extended beyond direct consumer use.