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US Bancorp is relaunching its crypto custody program, marking a major return to digital asset services for institutional investors. Partnering with NYDIG, the bank will provide secure custody for Bitcoin and support Bitcoin exchange-traded funds, targeting rising demand from global fund managers.
Executives say the move comes as regulatory clarity improves, following the SEC’s shift from SAB 121 to SAB 122, easing hurdles for banks to hold crypto. “Further expanding our capabilities unlocks new opportunities to deliver innovative solutions,” said Dominic Venturo, US Bank’s chief digital officer. NYDIG CEO Tejas Shah added that the partnership bridges traditional finance with the modern digital economy.
As the fifth-largest bank in the U.S., US Bancorp joins industry giants like BNY Mellon and Fidelity in competing with crypto-native firms such as Coinbase and Anchorage Digital. The bank is also exploring stablecoin and payments use cases while leaving the door open to expand custody beyond Bitcoin if assets meet its standards.
