$350M St Cloud CEO: The First Credit Union to Put Bitcoin on Core Ledger | Jed Meyer

AI summary of the source article

St. Cloud Financial Credit Union, founded in 1930, has become the first credit union to put Bitcoin directly on its core ledger. In an interview, CEO Jed Meyer explained that the institution uses a patent-pending hybrid custody model providing members individual ownership of Bitcoin through multisig vaults. The credit union has accumulated more than 20 BTC in member vaults under custody. The discussion also addressed Minnesota custody regulations, NCUA examinations, the CLARITY Act, Lightning integration plans, and a proposed Cloud Dollar stablecoin.

Key facts

• St. Cloud Financial Credit Union custodyes Bitcoin for members using a patent-pending hybrid multisig vault model.
• The credit union has accumulated more than 20 BTC under custody.
• CEO Jed Meyer addressed regulatory aspects including NCUA examinations, Minnesota custody law, and the CLARITY Act.