US Bancorp Study Stablecoins As Crypto Custody Revives
U.S. Bancorp's crypto custody business is experiencing renewed interest under the Trump administration, according to CEO Gunjan Kedia. The service, launched in 2021, struggled during the Biden administration due to regulatory uncertainty, which affected institutional investor confidence. The SEC's legal actions against crypto offerings contributed to this decline. With Trump reversing some of these regulations, U.S. Bancorp is exploring its role in stablecoins, including the potential to create its own and provide related infrastructure services. Kedia noted that most stablecoin transactions are currently cryptocurrency-to-cryptocurrency trades. The upcoming GENIUS Act aims to clarify regulations for stablecoin issuers, which may influence U.S. Bancorp's future involvement in the space.
