St. Cloud Credit Union Becomes the First to Integrate Bitcoin into Its Core Ledger, Holding Over 20 BTC

ChainCatcher report: Jed Meyer, CEO of St. Cloud Financial Credit Union in St. Cloud, Minnesota, stated that the credit union has become the first to integrate Bitcoin into its core ledger. Founded by postal workers in 1930, the credit union currently holds real Bitcoin on behalf of its members using a patented hybrid custody model that grants each member individual ownership of Bitcoin within a multisig vault. According to Jed Meyer, without deliberate marketing, the credit union has already custody over more than 20 Bitcoins. Its services enable members to directly buy and sell Bitcoin, bringing mainstream users into the Bitcoin ecosystem, with plans to integrate the Lightning Network. He also discussed stablecoins, the relationship between the U.S. dollar and Bitcoin as a new monetary network, and the differences between Bitcoin ETFs and credit union custody. On the regulatory front, Meyer mentioned Minnesota’s custody laws, review by the National Credit Union Administration (NCUA), and the CLARITY Act. Additionally, the credit union has launched the Cloud Dollar stablecoin and operates under a cooperative ownership model. He emphasized that credit unions must take control of payment channels and continue educating skeptics.