U.S. Bank Re-Offers Custody Services for Cryptocurrency Funds
Date: 2025-09-04 Author: Gabriel Deangelo Categories: BUSINESS
U.S. Bank has announced the relaunch of its cryptocurrency custody service, first introduced in 2021. The new version of the service is open as part of the early access program for clients of the Global Fund Services division and is aimed at large funds that need a reliable and regulated infrastructure for working with digital assets.
A key partner in the project is NYDIG, which will take on the functions of a sub-custodian. Such cooperation should provide a higher level of protection and trust in the new initiative.
According to Stephen Philipson, head of institutional services at U.S. Bank, the bank was one of the first American financial institutions to implement custodial solutions for cryptocurrency funds four years ago. Now, after strengthening the legal framework and the emergence of clear rules, the credit institution is expanding the range of its offerings, including products based on bitcoin ETFs.
NYDIG CEO Tejas Shah emphasized that the joint project with the bank will bring traditional finance and the digital asset market closer together, removing barriers between these areas. He noted that the participation of a large institution with a long-standing reputation creates conditions for the wider implementation of cryptocurrencies in investment strategies.
As of the end of the second quarter of 2025, the total volume of assets under management and administration in Global Fund Services exceeded $11.7 trillion. In addition to solutions for storing digital assets, U.S. Bank also provides clients with access to alternative investments, ETFs, trust services, custodial services, and capital management tools.
The resumption of cryptocurrency custodial services occurs against the backdrop of increased attention to regulation in the United States. In August, it became known that the White House administration is preparing an executive order prohibiting the practice of debanking in relation to conservative organizations and cryptocurrency companies. This may become an additional factor strengthening the position of banks that decide to offer clients access to digital assets on legal terms.
As such, U.S. Bank aims to become a key player in the institutional cryptocurrency custody space by offering investors a secure and compliant solution that connects the traditional financial system with the innovative digital marketplace.
