St. Cloud Financial Credit Union, originally established in 1930 by postal workers, has integrated Bitcoin directly into its core ledger. CEO Jed Meyer confirmed that the institution currently holds over 20 BTC in custody for its members.
The credit union utilizes a patent-pending hybrid custody model. This approach provides members with individual ownership of Bitcoin stored within a multisig vault, distinguishing it from standard ETF-based investment products.
The organization is actively exploring further developments, including plans for the Lightning Network. Additionally, the credit union is working on a stablecoin project referred to as the Cloud Dollar, aiming to expand its digital asset offerings.
During the discussion, Meyer addressed the regulatory environment, specifically mentioning Minnesota custody laws and NCUA examinations. The institution emphasizes the importance of credit unions maintaining control over their own financial rails.
