After a four-year pause, US Bancorp, ranking as the nation’s fifth-largest bank based on total managed assets, has re-entered the cryptocurrency custody arena.
Stephen Philipson, who leads the wealth, corporate, commercial, and institutional banking division at US Bank (a subsidiary of US Bancorp), revealed the renewed focus in an interview conducted on September 3rd with Bloomberg. He attributed the decision to revised regulations within the United States.
Reports indicate that US Bank is partnering with NYDIG, a Bitcoin-focused firm that integrates various aspects of Bitcoin and power, and is connected to Stone Ridge Holdings Group. Together, they aim to provide custody solutions for digital assets.
Initially, the bank’s custody services will concentrate on Bitcoin, catering to traditional registered funds and exchange-traded funds (ETFs). The future may hold expansion into additional cryptocurrency services, starting with the most prominent cryptocurrency.
Other financial giants like Bank of New York Mellon Corp. and Fidelity Investments are already offering similar services. Furthermore, Citigroup has expressed intentions to explore cryptocurrency custody services.
The renewed engagement in the cryptocurrency space by these established financial institutions is largely believed to be a consequence of shifts in the regulatory climate within the United States.
For instance, during the Trump administration, a 2022 advisory from the Securities and Exchange Commission (SEC) suggested that participating in crypto custody could be deemed illegal. This advisory was later retracted. The retreat of previous anti-crypto policies has played a role in why the current administration is being called “the Crypto Presidency.”
The efforts by the US government to position itself as the crypto capital of the world appear to be showing positive results. The Chainalysis 2025 Global Adoption Index, released on September 2nd, highlights that the United States has surpassed Indonesia and Nigeria, securing the second spot in the rankings, trailing only India.
Read original story US Bancorp to offer Bitcoin Custody Services Again as Regulatory Environment Shifts by Tristan Greene at Coinspeaker.com