Deutsche Bank and Standard Chartered Eye U.S. Crypto Expansion — WSJ

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Hassan Shittu

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Hassan Shittu

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April 20, 2025

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After years of regulatory friction, Deutsche Bank and Standard Chartered are now exploring options to expand their crypto operations in the United States.

According to a new report by the Wall Street Journal, the timing of this move coincides with the significant policy shift under President Donald Trump’s renewed administration.

While much of traditional finance distanced itself from crypto following high-profile disasters like the FTX collapse and the closure of crypto-friendly banks Silvergate and Signature, the climate in 2025 is proving to be notably different.

The Trump administration has already overhauled the U.S. Securities and Exchange Commission’s (SEC) approach to crypto regulation and approved the formation of a digital asset reserve.

As a result, legacy banks are now racing to position themselves for leadership in this newly promising terrain.

Deutsche Bank Deepens Global Crypto Ties and Advances U.S. Entry

Deutsche Bank’s interest in crypto is not new, but its recent actions mark a significant intensification of its digital asset ambitions.

In January 2025, the German banking giant became the new banking partner for Bison, the crypto trading app developed by the Börse Stuttgart Group.

Under this agreement, Deutsche Bank is now responsible for safeguarding the euro balances of Bison users.

The move was part of Bison’s multi-banking strategy and did not replace Solaris SE, its long-standing partner.

Previously, Deutsche Bank expanded its services to Asia by forming a strategic alliance with Crypto.com.

This deal offers a comprehensive suite of corporate banking services across key markets, including Singapore, Australia, and Hong Kong.

Deutsche Bank is positioning itself as a facilitator of fiat-to-crypto exchange, cross-border transactions, and other financial services essential to scaling crypto companies in regulated jurisdictions.

The bank also expressed its intent to replicate this model in the UK and other European regions.

Standard Chartered Launches Institutional-Grade Crypto Solutions and Prepares for U.S. Growth

While Deutsche Bank has focused on strategic partnerships and technical innovation, Standard Chartered has taken a slightly different path, emphasizing infrastructure development and regulatory alignment.

In April 2025, the bank unveiled a digital collateral mirroring program in partnership with OKX and Franklin Templeton.

This initiative allows institutional clients to use tokenized money market funds and cryptocurrencies as collateral for trades, all under the regulatory oversight of Dubai’s VARA.

The program is designed to boost capital efficiency and mitigate counterparty risk by holding the collateral off-exchange, a significant step forward in integrating digital assets into institutional workflows.

Standard Chartered acts as the regulated custodian in this setup, leveraging its presence in the Dubai International Financial Centre.

In addition to its collateral services, Standard Chartered is entering the stablecoin race. Its Hong Kong branch, SCBHK, recently partnered with Animoca Brands and HKT to launch a Hong Kong dollar-backed stablecoin.

The trio plans to apply for a stablecoin issuance license under the Hong Kong Monetary Authority’s new framework.

This project builds on Standard Chartered’s experience in tokenized finance, as the bank has previously participated in the HKMA’s tokenized money pilot programs.

The renewed interest of Deutsche Bank and Standard Chartered in expanding their U.S. crypto operations is not occurring in isolation.

It is part of a broader movement fueled by a more favorable political climate, favorable regulatory developments, and the global maturation of digital asset infrastructure.

Both banks are seizing the moment to build out their capabilities, deepen partnerships, and prepare for a more formalized role in the American cryptocurrency economy.

If these trends hold, the steps being taken now could ultimately define the future of financial services, with 2025 marking the beginning of a truly integrated crypto-banking ecosystem in the United States.