U.
S. Bank has announced its selection as the custodian for reserves backing payment stablecoins issued by Anchorage Digital Bank, the sole crypto-native bank in the U.
S. operating with a federal charter under the Office of the Comptroller of the Currency (OCC). This partnership positions one of the nation’s largest global custodians, U.
S. Bank, with capabilities extending into nearly 100 financial markets, to support the federally chartered digital asset institution. U.
S. Bank serves a broad clientele of institutional asset owners, including financial institutions, corporations, insurance companies, government entities, and foundations. Stephen Philipson, vice chair of U.
S. Bank Wealth, Corporate, Commercial and Institutional Banking, commented on the significance of the development. “Payment stablecoins represent an important area of exploration for institutional banking clients, given the advantages they can offer,” Philipson stated. He highlighted potential benefits such as lower costs and faster processing compared to some traditional payment methods, particularly in cross-border transactions, where features like real-time movement, instant settlement, and smart contract controls can facilitate aspects like foreign exchange and pricing. Philipson added that “as the rapidly growing digital asset segment and regulatory environment continue to evolve, the strength and stability of U.
S. Bank, along with its custody solutions and expertise, offers an extra layer of assurance that may help accelerate issuance of these products.” This move underscores the bank’s commitment to engaging with the evolving digital asset landscape. Anchorage Digital Bank launched its stablecoin issuance platform in July 2025, following the passage of the GENIUS Act. This legislation set the framework for payment stablecoins to scale responsibly under U.
S. oversight. The stablecoins issued by Anchorage Digital are designed to be fully compliant with the GENIUS Act, requiring one-to-one backing by high-quality liquid assets and supported by robust Bank Secrecy Act/AML programs, aiming for high standards of safety, transparency, and institutional readiness. Nathan McCauley, CEO and Co-Founder of Anchorage Digital, noted the strategic implications. “The passage of the GENIUS Act created the conditions for payment stablecoins to scale responsibly under U.
S. oversight,” McCauley said. “At Anchorage Digital Bank, our goal is to issue payment stablecoins that meet the highest regulatory standards and unlock real utility for institutions. Partnering with U.
S. Bank reflects the growing alignment between digital finance and the traditional financial system – and it underscores the momentum behind bringing dollar-backed payment stablecoins into the mainstream.” As of June 30, 2025, U.
S. Bank Wealth, Corporate, Commercial and Institutional Banking reported more than $11.7 trillion in assets under custody and administration. The division provides a range of services beyond institutional trust and custody, including asset management, corporate trust and custody, alternative investment services, ETF services, fund custody and administration, and wealth management. U.
S. Bancorp, the parent company of U.
S. Bank National Association, reported approximately $686 billion in assets as of the same date. Headquartered in Minneapolis, the company serves millions of customers globally and has been recognized for its digital innovation and ethical practices, including being named one of the 2025 World’s Most Ethical Companies.
