US Bancorp studying stablecoins as crypto custody arm sees revival

U.S. Bancorp CEO Gunjan Kedia says her bank is looking into stablecoins as its crypto custody business bounces back after struggling under Biden.

U.S. Bancorp’s institutional crypto custody business has seen a revival under the crypto-friendly Trump administration and the bank is “studying and watching” what role it could play with stablecoins, says its CEO.

U.S. Bancorp CEO Gunjan Kedia said on Wednesday at the Morgan Stanley US Financials Conference that her bank’s crypto custody service, created in 2021, had not fared well under the Biden administration, but that interest in the service has picked up again.

“The product didn’t really take off because the regulatory regime at that point was very uncertain for large institutional investors,” Kedia said. “That product is back, and we are very able to provide it.”

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