US Bancorp is making a significant move back into the digital asset space, announcing the relaunch of its crypto custody program. The Minneapolis-based banking giant is partnering with NYDIG to offer secure custody services for Bitcoin, including support for Bitcoin exchange-traded funds (ETFs). This strategic decision aims to meet growing demand from institutional clients and global fund managers looking for trusted partners in digital finance.
Partnering with NYDIG to Support Bitcoin Custody and ETFs
By teaming up with NYDIG—a leading digital asset platform—US Bancorp is bridging the gap between traditional banking and modern digital finance. The collaboration enables the bank to securely store Bitcoin on behalf of institutional clients, while also providing infrastructure support for Bitcoin ETFs. This positions US Bancorp to compete with other financial heavyweights like BNY Mellon and Fidelity, as well as crypto-native platforms such as Coinbase and Anchorage Digital.
The move comes at a time when regulatory clarity around digital asset custody is improving. Recent changes by the U.S. Securities and Exchange Commission (SEC), particularly the shift from Staff Accounting Bulletin (SAB) 121 to SAB 122, have eased some of the compliance challenges banks faced in offering crypto services.
According to Dominic Venturo, Chief Digital Officer at US Bank, “Further expanding our capabilities unlocks new opportunities to deliver innovative solutions.” Tejas Shah, CEO of NYDIG, echoed the sentiment, noting that the partnership helps bridge the traditional financial world with the rapidly evolving digital economy.
Exploring Stablecoins and Expanding Beyond Bitcoin
In addition to Bitcoin custody, US Bancorp is also exploring use cases involving stablecoins and digital payments, signaling a broader interest in blockchain-based financial services. While the current focus remains on Bitcoin, the bank has stated that it may expand custody offerings to include other digital assets, provided they meet its institutional standards for security, liquidity, and regulatory compliance.
As the fifth-largest bank in the United States, US Bancorp’s renewed commitment to digital assets underscores a growing trend among major financial institutions to embrace crypto—not just as an investment class, but as an essential part of the future financial ecosystem.
