US Bancorp has resumed cryptocurrency custody services after a four-year pause, initially focusing on Bitcoin storage for funds and ETFs through a partnership with NYDIG.
US Bancorp, the fifth-largest bank in the US by total assets under management, has reopened its cryptocurrency custody services after a four-year hiatus.
Stephen Philipson, the head of the wealth, corporate, commercial and institutional banking unit at US Bancorp subsidiary US Bank, announced the return to form in a Sept. 3 interview with Bloomberg, citing changes to the US regulatory environment as the impetus to reenter the space.
According to the report, US Bank is working with NYDIG, a “vertically integrated Bitcoin and power firm” and affiliate of Stone Ridge Holdings Group, to launch cryptocurrency custody services again.
The bank will offer custody services for Bitcoin at first, starting with traditional registered funds and exchange-traded funds (ETFs) before exploring other cryptocurrency service offerings beyond the top coin.
Meanwhile, Bank of New York Mellon Corp. and Fidelity Investments offer similar services while Citigroup has signaled its intent to explore cryptocurrency custody services in the same vein.
Major US Banks Return to Cryptocurrency Services After Regulatory Changes
The resurgence in cryptocurrency interest from these traditional financial institutions has largely been attributed to regulatory changes under the current US administration.
Under the current Donald Trump administration, for example, a 2022 advisory notice from the Securities and Exchange Commission (SEC) indicating that participation in crypto custody services could be considered illicit was rescinded. This and other erosions of anti-crypto policy efforts from previous administrations have contributed to the current White House administration being referred to as “the Crypto Presidency.”
The US government’s push to become the crypto capital of the world appears to be paying off. According to the Chainalysis 2025 Global Adoption Index released on Sept. 2, the US has leapfrogged Indonesia and Nigeria to nab the number two slot on the report behind only India.
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