Minneapolis-based U.S. Bank announced this week that it is establishing a Digital Assets and Money Movement organization..The division is intended to spark innovation and growth in stablecoins, cryptocurrency custody, asset tokenization and digital payments, according to the $686 billion bank.Jamie Walker, a 20-year veteran at U.S. Bank and current head of Merchant Payment Services and CEO of card transaction processor and U.S. Bank subsidiary Elavon, will lead the organization. Walker will continue overseeing MPS while the bank searches for his successor, after which he will report to U.S. Bank Chief Digital Officer Dominic Venturo.“Clients increasingly want to understand how digital assets can help them safely move money and store deposits,” Venturo said. “Jamie’s global payments experience will be vital as we innovate in smart, safe digital banking.”The announcement came one month after U.S. Bank announced it would offer Bitcoin custody services, including supporting exchange-traded funds based on the asset, for institutional investment managers with private or registered funds.
