Fifth Third Bank is expanding into cryptocurrency as clearer regulations open new doors for traditional lenders. The Cincinnati-based bank has spent years studying the space and is now ready to grow its crypto services according to chief strategy officer Ben Hoffman.

The bank already supports crypto companies with basic services like deposit accounts and payments. Now it is looking at using stablecoins for cheaper faster cross-border transactions. Fifth Third also aims to connect with payment systems that let consumers buy goods with crypto or trade digital assets directly.

Regulatory shifts under Donald Trump’s administration have encouraged banks to take crypto seriously. Recent guidance from the Office of the Comptroller of the Currency confirmed banks can safely engage in crypto custody and blockchain-powered payments. Hoffman says a full-time digital assets team is working across departments to bring crypto solutions to life. With over 200 billion dollars in assets Fifth Third is betting big on a future where crypto plays a central role in banking.

Bloomberg