On 11 June, 2025, at the Morgan Stanley US Financials Conference, U.S. Bancorp CEO Gunjan Kedia announced a resurgence in the bank's crypto custody business. The service, initially launched in 2021, is experiencing renewed interest, attributed to the changing regulatory landscape. (Source: U.S. Bancorp CEO Gunjan Kedia, 11 June, 2025)
Kedia noted that the previous regulatory uncertainty had hindered the product's success. The bank is now actively providing crypto custody services again. The focus has shifted towards stablecoins and their potential in payments. (Source: U.S. Bancorp CEO Gunjan Kedia, 11 June, 2025)
U.S. Bancorp, the fifth-largest bank in the US, is exploring various options, including creating its own stablecoin. They're also considering providing infrastructure for stablecoins, such as holding backing assets and offering escrow services. Kedia highlighted that a significant portion of stablecoin transaction volume currently occurs within the crypto space. (Source: U.S. Bancorp CEO Gunjan Kedia, 11 June, 2025)
The bank is closely monitoring the stablecoin-regulating GENIUS Act, which the US Senate advanced on 11 June, 2025. This act aims to provide clear guidelines for stablecoin issuers. U.S. Bancorp is assessing its potential role in the evolving stablecoin market. (Source: U.S. Bancorp CEO Gunjan Kedia, 11 June, 2025)