Bitcoin Magazine published a program focused on St. Cloud Financial Credit Union, describing the institution as a $350 million credit union and the first credit union to put Bitcoin on its core ledger.
In the episode, St. Cloud Financial Credit Union CEO Jed Meyer said the credit union, founded by postal workers in 1930, is now custodying real Bitcoin for its members.
Hybrid custody model for member-held Bitcoin
Meyer said the credit union uses a patent-pending hybrid custody model that gives each member individual Bitcoin ownership inside a multisig vault.
The episode also covered the distinction between holding Bitcoin through an exchange-traded fund and holding it through credit union custody, while discussing direct buy and sell access aimed at bringing Main Street users into Bitcoin.
Regulatory and operational topics in the episode
According to the chapter listing, the conversation also addressed stablecoins, dollars, and Bitcoin as new money networks, along with Minnesota custody law, National Credit Union Administration, or NCUA, exams, and the CLARITY Act.
The program said the credit union has grown to more than 20 BTC under custody in member vaults and also discussed plans involving the Lightning Network.
How the credit union approaches digital assets
Later sections of the program covered what it takes for a credit union to own Bitcoin, the Cloud Dollar stablecoin and the cooperative ownership model, and how credit unions decide which digital assets to offer.
Meyer also discussed educating skeptics and why credit unions must own their rails.
The post first appeared on Bitcoin Magazine and was written by Patrick Green.