From Pause to Progress: U.S. Bank Reenters Crypto Custody Market
U.S. Bank, among the five biggest banks in the United States by assets, marking a return to the digital asset services it first...
Quick overview
- U.S. Bank is resuming its digital asset services, including bitcoin custody, after regulatory clarity was achieved.
- The bank has partnered with NYDIG to provide custody for bitcoin ETFs and institutional investment managers.
- U.S. Bank initially offered cryptocurrency custody in 2021 but paused the program in 2022 due to regulatory restrictions.
- With over $11.7 trillion in assets under custody, U.S. Bank aims to expand its digital asset offerings based on client demand and compliance standards.
U.S. Bank, among the five biggest banks in the United States by assets, marking a return to the digital asset services it first offered in 2021.The program now includes support for bitcoin ETFs, with NYDIG acting as the bank’s sub-custodian for digital assets. The move coincides with increased regulatory clarity, as US Bank strives to develop digital asset solutions throughout its $11.7 trillion in assets under custody and management.
And we are back! We’re resuming #cryptocurrency custody services for institutional investment managers with registered or private funds—offering secure safekeeping for #bitcoin, with @NYDIG as sub-custodian. ₿ https://t.co/aMXZaFV9jZ pic.twitter.com/Bg89DPxoqb
— U.S. Bank (@usbank) September 3, 2025
The Minneapolis-based lender has announced that it will provide bitcoin storage through an early access program for institutional investment managers with registered or private funds.
U.S. Bank Resumes Crypto Custody Following Regulatory Repeal
U.S. Bank announced in 2021 that it would offer custody for the leading cryptocurrency, as well as Litecoin, Bitcoin Cash, Ethereum, and altcoins, “over time,” but discontinued the program in 2022 after the Securities and Exchange Commission Staff Accounting Bulletin (SAB) No. 121 bill prohibited banks from custodying digital assets. In January, regulators repealed the measure.
The bank has once again collaborated with NYDIG, a bitcoin financial services corporation with a New York trust charter that will act as sub-custodian for the digital assets. The updated offering now includes custody services for bitcoin exchange-traded funds.
We are proud to have been one of the first banks to offer cryptocurrency custody to fund and institutional custody clients in 2021, and we are excited to resume the service this year, said Stephen Philipson, vice chair, U.S. Bank Wealth, Corporate, Commercial, and Institutional Banking.
U.S. Bank told that it was continuously evaluating coins based on an array of risk factors and will add more coins if they meet the bank’s risk and compliance standards as well as client demand.
Following more regulatory clarity, we’ve expanded our offering to include bitcoin ETFs, allowing us to provide full-blown solutions for managers looking for custody and administration services, said Philipson. Besides, Philipson noted that the bank would focus on custody of Bitcoin for exchange-traded funds.
Federal Reserve Oversight Eases as U.S. Bank Expands Digital Assets
The U.S. Bank’s announcement comes after the Federal Reserve halted a supervisory program that supervised crypto-related banks in August. Back in 2023, America’s central bank required banks interested in cryptocurrency and other fintech activity to inform the Fed and adhere to rigorous standards.
However, since President Donald Trump took office in January, rules in the cryptocurrency field have eased. The Republican ran on a platform to support the industry and has personally invested in cryptocurrency through a variety of digital-asset enterprises.
US Bank has more than $11.7 trillion in assets under custody and administration. Its services include ETFs, fund administration, fund custody, corporate trust, and wealth management.
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