Credit union breaks new ground into digital assets space

The very first credit union to issue stablecoin is sharing the opportunities and challenges of providing digital asset services in the latest episode of A CU Seat at the Table podcast. St. Cloud Financial Credit Union President/CEO Jed Meyer shared how the Minnesota-based credit union with $400 million in assets entered the market.

“We find ourselves here because of our other strategies of really serving our community and looking for ways that we can continue to outpace our competitors,” Meyer said. The credit union sent surveys to members, finding that roughly a quarter of members were already in the digital assets space or wanted to be in the next two years. That’s when St. Cloud decided to look into offering those services.

This meant consulting with experts and the ultimate creation of the Minnesota Crypto Council, which hosts quarterly education sessions that’s open to the community to help others learn more about this emerging service.    

“If I had trouble finding education in this place, what do we think the average consumer and the time that they're going to be able to spend there?” he said. “So, in the first place, we have to educate ourselves and we have to then provide that education to our members so they're making informed decisions.”

The discussion also covers the value of stablecoins and digital assets, the status of regulations, and why it’s important for credit unions to consider these emerging technologies.

Listen to the podcast below, or subscribe to A CU Seat at the Table on your favorite podcast app.

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