So, picture this: US Bancorp, aka that fifth-largest bank you’ve probably never thought about unless you’re into finance trivia nights (guilty 🙋♀️), has decided to dust off its old Bitcoin custody services and relaunch them. Because apparently, institutional clients like investment funds and spot Bitcoin ETFs are now cool enough to hang out with. Who knew 2025 would be the year banks started chasing crypto like it’s the last slice of pizza? 🍕
Quick rewind to 2021: US Bancorp partners with NYDIG to launch a shiny new custody platform for digital assets. Fast forward to 2022, cue dramatic music 🎶, when the SEC drops SAB 121-a rule so annoying it basically told banks, “Hey, list all that crypto you’re holding as a liability!” Which, naturally, made everyone go, “Yeah, no thanks,” because who wants to pay through the nose for something they can’t even touch? 💸💸💸
Regulatory Redo Saves the Day
But wait, plot twist! In January 2025, the SEC pulls an Oprah and says, “You get your freedom back! And YOU get your freedom back!” Okay, maybe not exactly like that, but close enough. They rescinded SAB 121, giving banks like US Bancorp the green light to jump back into the crypto pool. Stephen Philipson, head honcho of US Bank’s institutional division, tells Bloomberg they’re “reopening their playbook.” Translation? If Bitcoin behaves itself, Ethereum might just get invited to the party next. 🎉
Who Else Is Playing This Game?
Turns out, US Bancorp isn’t the only one trying to make fetch happen in the crypto world. BNY Mellon already launched its custody platform in 2022, Citigroup is flexing its plans, and Fidelity, Coinbase, and Anchorage Digital are still ruling the roost from the crypto-native side. Meanwhile, US Bancorp is busy brainstorming how to shove digital assets into its other business lines, like wealth management and consumer payments. Fancy!
Oh, and fun fact: Shares of US Bancorp (NYSE: USB) are hovering around $48.30, which is… fine, I guess? Not exactly setting the stock market on fire 🔥, but hey, at least they’re trying.
Meanwhile, institutional investors are losing their minds over Bitcoin exposure. BlackRock’s iShares Bitcoin Trust (IBIT) is sitting pretty with over $80 billion in assets under management. That’s right-BILLION. With a B. Someone call the Guinness Book of World Records, stat! 📈
The real kicker here? US Bancorp jumping back into the fray proves that traditional banks are FINALLY warming up to digital assets. Like, imagine your grumpy uncle suddenly deciding he loves TikTok dances. Same vibe. Banks are now competing to offer custody services, and honestly, it’s kind of thrilling. A game changer? Maybe. But definitely worth keeping an eye on. 👀
Bottom line: The digital asset market is growing up faster than any of us expected. Established banks aren’t just watching anymore-they’re rolling up their sleeves and getting involved. Whether that’s good news or terrifying remains to be seen. Stay tuned, folks. This could get messy. Or brilliant. Or both. 🤷♀️✨
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2025-09-03 21:41