In a significant development for the cryptocurrency landscape, US Bancorp, the country’s fifth-largest bank by total assets, has announced the reopening of its cryptocurrency custody services after a four-year pause. This decision marks a renewed commitment to digital assets, driven by favorable regulatory changes in the United States.
Stephen Philipson, heading the wealth, corporate, commercial, and institutional banking unit at US Bancorp’s subsidiary, US Bank, discussed the bank’s strategic pivot during a recent interview with Bloomberg. He highlighted that the evolving regulatory environment served as a catalyst for their reentry into the cryptocurrency space.
To facilitate this resurgence, US Bank is collaborating with NYDIG, a vertically integrated Bitcoin and power firm affiliated with Stone Ridge Holdings Group. The initial focus will be on providing Bitcoin custody services, specifically tailored for registered funds and exchange-traded funds (ETFs). Following this, the bank plans to broaden its offerings to encompass a wider range of cryptocurrency services beyond Bitcoin.
This renewed interest in cryptocurrency is echoed by other major financial institutions. Bank of New York Mellon Corp. and Fidelity Investments currently provide similar custody services, while Citigroup has expressed intentions to explore custodial services for digital currencies.
These developments in the banking sector are closely tied to regulatory shifts that have taken place over the past few years. Under the Trump administration, a notable change occurred when a 2022 advisory notice from the Securities and Exchange Commission (SEC) that characterized involvement in crypto custody as potentially illicit was rescinded. This pivotal move, along with a broader easing of anti-crypto policies, has led to the current US administration being dubbed “the Crypto Presidency.”
The implications of these changes are further underscored by recent findings from Chainalysis’ 2025 Global Adoption Index, which indicate that the United States has ascended to the number two position in global cryptocurrency adoption. This ranking comes as a result of the US surpassing both Indonesia and Nigeria while continuing to trail India.
As the landscape continues to evolve, traditional financial institutions seem increasingly eager to navigate the cryptocurrency realm, reflecting a significant shift in the collective attitude toward digital assets and their potential for mainstream integration.
