St. Cloud Credit Union Pioneers Direct Bitcoin Custody for Members

Bitcoin custody — St. Cloud Financial Credit Union, a Minnesota institution founded in 1930, has become the first credit union to custody Bitcoin directly on its core ledger for members, CEO Jed Meyer explained in an interview.

The credit union has developed a patent-pending hybrid custody model where each member has individual ownership of Bitcoin in a multisignature vault. Meyer stated the institution has grown to custody more than 20 Bitcoin for its members organically, without a formal marketing push.

He detailed the operational model, which allows members to buy and sell Bitcoin directly through the credit union, contrasting it with the indirect exposure offered by spot Bitcoin ETFs. The move is framed as part of a broader strategy for credit unions to own their financial rails and bring “Main Street” into Bitcoin.

Meyer also discussed navigating state custody laws, regulatory examinations, and future plans to integrate the Lightning Network. The initiative is part of the credit union’s exploration of new monetary networks, which also includes the development of a stablecoin called the Cloud Dollar.