St. Cloud Credit Union CEO: The first to incorporate Bitcoin into the core ledger, holding over 20 BTC

Jed Meyer, CEO of St. Cloud Financial Credit Union in Minnesota, USA, stated that the institution has become the first credit union to incorporate Bitcoin into its core ledger. Founded by postal workers in 1930, this credit union currently holds real Bitcoin for its members, using a patent-pending hybrid custody model that allows each member to have independent ownership of Bitcoin in a multi-signature vault.

According to Jed Meyer, the credit union has already held over 20 Bitcoins without any deliberate promotion. Its services support members in buying and selling Bitcoin directly, bringing ordinary users into the Bitcoin ecosystem, and plans to integrate with the Lightning Network. He also discussed stablecoins, the relationship between the US dollar and Bitcoin as a new type of currency network, and the differences between Bitcoin ETFs and credit union custody.

On the regulatory front, Jed Meyer mentioned Minnesota's custody laws, the review by the National Credit Union Administration (NCUA), and the CLARITY Act. Additionally, the credit union has launched the Cloud Dollar stablecoin and adopted a cooperative ownership model. He stated that the credit union needs to master payment channels independently and continuously educate skeptics about the relevant knowledge.