PANews reported on October 16 that according to Reuters, U.S. Bancorp (USB.N, open in a new tab) said on Wednesday that it has established a new department dedicated to digital assets and funds circulation, aiming to accelerate the development of emerging digital products and services and increase related revenue. Jamie Walker, who has more than 20 years of experience at U.S. Bancorp, will lead the new department. The establishment of the new department aims to develop digital products and gain more benefits from growing sectors in the financial field, such as stablecoin issuance, cryptocurrency custody, asset tokenization and digital funds circulation. Dominic Venturo, Chief Digital Officer of U.S. Bancorp, said: "Customers are increasingly looking to understand how digital assets can help them transfer funds, store deposits and use tokenized assets in a secure manner, and other potential application scenarios."