The St. Cloud Financial Credit Union in Minnesota says it has become the first credit union to add Bitcoin to its core ledger and now holds real Bitcoin for members.
The credit union describes its custody approach as a hybrid model described in a patent application, providing each member with separate Bitcoin ownership within a multisignature vault.
The institution reports custody of more than 20 Bitcoin and notes that the service is not being aggressively marketed. Members can buy and sell Bitcoin directly, and the credit union aims to bring ordinary users into the Bitcoin ecosystem while planning to integrate the Lightning Network.
The leadership also discussed the relationship between stablecoins, the U.S. dollar and Bitcoin as a new monetary network, and explained the difference between Bitcoin exchange-traded funds and credit union custody.
St. Cloud Financial Credit Union is navigating Minnesota custody laws, awaiting review by the National Credit Union Administration under the CLARITY Act. It has launched the Cloud Dollar stablecoin, operates under a cooperative ownership model, and says it must control its own payment rails while continuing to educate skeptical users.