U.S. Bank to Serve as Custodian for Anchorage Digital's Stablecoin Reserves

U.S. Bank, a large U.S. financial institution, has been selected as the custodian of the payment stablecoin (Payment Stablecoin) reserves of the crypto-focused bank Anchorage Digital Bank.

According to Business Wire on the 9th (local time), under this cooperation U.S. Bank will be responsible for holding and managing the reserves of the stablecoins issued by Anchorage Digital. Anchorage Digital Bank is the only crypto-focused bank licensed by the U.S. Office of the Comptroller of the Currency (OCC) and operates under direct federal supervision.

Stephen Philipson, U.S. Bank vice chairman, said, "Payment stablecoins are an important area of exploration for institutional finance, and particularly through real-time payments and smart contract functionality they can reduce costs and increase speed in cross-border remittances," and "U.S. Bank's stability and custody (custody) expertise can help accelerate stablecoin issuance."

Nathan McCauley, co-founder and chief executive officer (CEO) of Anchorage Digital, said, "The cooperation with U.S. Bank symbolizes the convergence of traditional financial systems and digital finance," and "We aim to issue payment stablecoins that meet the highest regulatory standards under the U.S. supervisory framework."

Earlier, Anchorage Digital launched its issuance platform immediately after the passage of the stablecoin regulatory bill, the 'GENIUS Act,' in July.

Meanwhile, U.S. Bank currently holds and manages more than $11.7 trillion in assets across about 100 financial markets worldwide, and provides institutional trust and custody services, asset management, fund administration, and alternative investment services.