Deutsche Bank and Standard Chartered want to start offering cryptocurrency services in the United States. According to reports from April 21, 2025, these two big European banks are working together to find ways to get into the growing US crypto market.
JUST IN: Deutsche Bank and Standard Chartered are looking to expand crypto operations to the U.S – WSJ pic.twitter.com/0ZVA8ZOfd2
— Bitcoin Magazine (@BitcoinMagazine) April 21, 2025
Why Now? Trump Administration Welcomes Crypto
The timing is perfect for banks to enter the crypto market. President Trump’s administration has made it clear they want the United States to be a leader in digital money. This has created a friendlier environment for banks wanting to work with cryptocurrencies.
“More cryptocurrency companies are getting ready to join the U.S. banking system because of President Trump’s push to bring digital assets into regular finance,” according to a Benzinga report. This is very different from two years ago when many crypto companies collapsed and regulators cracked down on the industry.
The government has relaxed rules that used to make banks get special permission before offering crypto services. New guidelines about how banks can work with crypto are expected later this year, which should make things clearer for banks interested in this area.
Banks Want a Piece of the Crypto Pie
For Deutsche Bank and Standard Chartered, getting into crypto isn’t just about offering new services—it’s about being part of what many believe is the future of money. When asked about their plans, Deutsche Bank didn’t share details, and Standard Chartered didn’t answer questions from reporters.
Other big American banks are also looking at crypto now. Bank of America’s CEO Brian Moynihan said in February that they’re ready to create their own stablecoin (a type of cryptocurrency that keeps a steady value) once the laws are clear. U.S. Bancorp has already started offering services to store crypto for customers through a partnership with a company called NYDIG.
All this is happening while Congress is working on new laws for stablecoins. These new laws would require companies that make stablecoins to get banking licenses. Stablecoins are digital tokens that are tied to regular money like dollars, making them less risky than Bitcoin and other cryptocurrencies that change value quickly.
Also Read: President Trump Embraces Crypto Future: Promises Economic Growth and U.S. Financial Leadership
Crypto Companies Also Want to Become Banks
While regular banks are moving into crypto, crypto companies are trying to become more like banks:
- BitGo, a company that keeps crypto safe for customers and manages reserves for the Trump family’s USD1 stablecoin project, is getting ready to apply to become a bank.
- Circle (which makes the USDC stablecoin), Coinbase (a place to buy and sell crypto), and Paxos (a blockchain company) are all trying to get approvals to operate like banks.
- Anchorage Digital is currently the only crypto company with a federal bank charter in the United States. Their CEO Nathan McCauley says the company has spent “tens of millions of dollars” to follow all the banking rules.
“It has not been easy,” McCauley said about keeping up with all the regulations. But their efforts have paid off. Anchorage now works with BlackRock’s iShares Bitcoin Trust and is part of a $2 billion project with Cantor Fitzgerald and Copper to make loans backed by Bitcoin.
Some Banks Are Still Worried
Not all banks are rushing to join the crypto world. Some are still worried about the risks. KeyCorp CEO Chris Gorman mentioned concerns about tracking crypto transactions and following anti-money laundering rules. “It’s hard to trace,” he said about crypto.
Tether, the biggest stablecoin worth about $145 billion, is now working with Cantor Fitzgerald. This shows how even traditional financial companies are finding ways to work with crypto businesses.
What This Means for the Future
Deutsche Bank and Standard Chartered’s interest in the US crypto market is a big deal. It shows that major global banks see digital assets as an important part of future banking.
As more banks get involved with crypto, it could help make the market more stable and bring in more regular people who might have been scared to try crypto before.
In the coming months, we’ll likely hear more details about these banks’ specific plans and see new government rules that will shape how banks and crypto can work together. This could be the beginning of a new chapter where traditional banking and digital currencies become much more connected.
