In this photo illustration, a smartphone displaying the logo of U.S. Bancorp, the parent company of U.S. Bank and one of the largest banking institutions in the United States, on July 13, 2025. (Photo illustration by Cheng Xin/Getty Images)

Prabhjote Gill·Stocktwits

Updated Sep 03, 2025 | 9:09 AM GMT-04

Share this article

U.S. Bancorp (USB) announced on Wednesday that it has resumed offering cryptocurrency custody services, launching an early access program for its Global Fund Services clients.

The service, first unveiled in 2021, is designed for institutional investment managers with registered or private funds that seek the secure safekeeping of Bitcoin (BTC). NYDIG, a bitcoin-focused financial services and infrastructure firm, will serve as sub-custodian. However, the program was paused after the Securities and Exchange Commission (SEC) issued guidance requiring custodians to maintain capital on their balance sheets for such activities. The rule was rescinded shortly after President Donald Trump began his second term in office, earlier this year.

“We’re excited to resume the service this year,” said Stephen Philipson, vice chair of U.S. Bank Wealth, Corporate, Commercial, and Institutional Banking. “Following greater regulatory clarity, we’ve expanded our offering to include bitcoin ETFs, which allows us to provide full-service solutions for managers seeking custody and administration services.”

U.S. Bancorp’s stock edged 0.4% lower in pre-market trade. On Stocktwits, retail sentiment around the shares dipped lower within ‘bearish’ territory over the past day. Meanwhile, Bitcoin's price gained nearly 2% in the last 24 hours. Retail sentiment around the apex cryptocurrency edged higher, but remained in the 'bullish' zone over the past day.

The custody relaunch comes as regulators signal a more permissive stance toward bank involvement in digital assets. In March, the Office of the Comptroller of the Currency said banks could participate in custody and related services without first obtaining approval.

BNY Mellon (BK) and Fidelity already offer custody solutions for digital assets, while Coinbase (COIN), BitGo, and Anchorage Digital dominate the crypto-native segment. BNY Mellon was also recently chosen by Ripple to be the primary custodian for its stablecoin (RLUSD).

The bank will consider offering custody for additional cryptocurrencies beyond Bitcoin if they meet its standards, a spokesperson told Bloomberg.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Subscribe to Trends with Friends

All Newsletters

For serious investors with a serious sense of humor.

Read about our editorial guidelines and ethics policy