US Bancorp returns to institutional crypto custody
US Bancorp (aka US Bank) has resumed its bitcoin custody offering after a hiatus of more than three years.
In a media announcement today (3 September), the bank underscored the growing willingness of mainstream lenders to engage with digital assets.
The decision follows the Trump administration’s rollback of regulatory guidance that had made crypto custody prohibitively capital‑intensive for banks.
The service, first launched in 2021, is aimed at institutional investment managers with registered or private funds and, for the first time, bitcoin exchange‑traded funds.
NYDIG, the New York‑based bitcoin financial services group, will act as sub‑custodian, holding the underlying assets while U.S. Bank serves as the client‑facing intermediary.
Stephen Philipson, vice chair of US Bank Wealth, Corporate, Commercial and Institutional Banking, said the bank is “excited to resume the service this year” following greater regulatory clarity.
He noted that the offering has expanded to include bitcoin ETFs, enabling US Bank to provide “full‑service solutions for managers seeking custody and administration services.”
Tejas Shah, CEO of NYDIG, said the partnership will “bridge the gap between traditional finance and the modern economy” by giving Global Fund Services clients secure access to bitcoin “as sound money.”
Dominic Venturo, senior executive vice president and chief digital officer at US Bank, emphasised the bank’s commitment to innovation in digital assets, saying the expanded capabilities “unlock new opportunities” for clients.