Digital currencies are prompting banks to reassess investment priorities

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Digital currency businesses are prompting banks to reevaluate investment priorities in custody, issuance, and settlement, and to choose between building capabilities in-house and partnering externally. Deutsche Bank has begun offering digital asset custody to paying clients and, alongside other financial institutions, is participating in Project Faro, which will provide around five years of operating capital to a planned U.S. dollar stablecoin issuer. In a Visa pilot, Lloyds settled a $750,000 obligation through its own node on Canton, with the funds reaching Visa within an hour, including on weekends.