US Bancorp Reopens Cryptocurrency Custody Services for Bitcoin
US Bancorp has resumed its cryptocurrency custody services after a four-year pause. The announcement was made by Stephen Philipson in a September 3 interview with Bloomberg. The decision follows recent changes in the US regulatory environment.
Key points include:
- US Bank will initially offer custody services for Bitcoin, targeting traditional registered funds and ETFs.
- The bank is collaborating with NYDIG to reintroduce these services.
- Other institutions like Bank of New York Mellon and Fidelity Investments already provide similar services.
- Citigroup is also considering entering the cryptocurrency custody market.
The resurgence of interest from major banks is attributed to regulatory shifts under the current administration, including the rescinding of a 2022 SEC advisory that viewed crypto custody as potentially illicit. This has contributed to the US being referred to as "the Crypto Presidency."
According to the Chainalysis 2025 Global Adoption Index, the US has now moved to the second position in cryptocurrency adoption, behind India.