Deutsche Bank custody goes live; USDC is $68.26B on-chain

Deutsche Bank has opened its crypto custody business to paying clients. The launch is a bank-run custody service, not a new token. Our counts can show how large one of the assets it holds is on-chain.

What did Deutsche Bank launch on November 11, 2026?

Deutsche Bank's digital asset custody service has gone live for paying clients, the bank said on Wednesday, November 11, per Bitcoin Magazine. The service holds Bitcoin, Ether and the stablecoins USDC, EURC and EURAU for institutional and corporate clients in Europe.

The bank describes it as a regulated way to store and transfer those assets. The bank manages wallets and private keys on clients' behalf.

The service is not for retail customers. Clients reach it through Autobahn, Deutsche Bank's multi-channel gateway, or its Corporate Bank portal.

Is the service regulated?

Yes. Deutsche Bank's listing for crypto custody and transfer services in the EU's MiCA register is dated October 12 and names Germany's BaFin as its regulator, per Cointelegraph.

The bank lists custody, transfers and moves between warm and cold storage as its first services, with further capabilities planned. It did not name its first clients or say how many have signed up, so we cannot say how much it holds for them.

How big is USDC, the largest stablecoin on the list?

We count the on-chain side of the dollar stablecoins the bank supports. By The Migration by Concrete's count, USDC had $68.26 billion on public blockchains as of November 11, 2026. That is 26.9% of the $253.75 billion in cash-backed dollar stablecoins we count, across 6 stablecoins from 5 issuers.

USDC sits on 11 blockchains in our count. Ethereum holds $45.44 billion of it and Solana holds $6.76 billion. Our reads cover 98.0% of the $69.67 billion the issuer reports. The table below lists all six coins in our count. See the full list on our stablecoin count and the USDC page.

EURC and EURAU are euro stablecoins. Our stablecoin count covers cash-backed dollar coins only, so neither is in it. We also leave out crypto-backed dollars and bridged copies of the same coin, so no dollar is counted twice.

Does this connect to tokenized funds?

Possibly, in time. The bank has also signed a memorandum of understanding with Deutsche Asset Management, its majority-owned asset manager, to explore tokenized money market funds, crypto exchange-traded commodities and stablecoins, per Cointelegraph.

Paul Maley, global head of trust and securities services, said the bank aims "to deliver a fully integrated, regulated ecosystem that supports the custody, tokenisation, and settlement of digital assets" in the medium term. The bank's September announcement put tokenized financial instruments on its roadmap.

That market already exists on public blockchains. As of November 11, 2026, $12.09 billion in tokenized U.S. Treasury funds is on-chain, by our count. It spans 17 funds from 12 issuers, read directly from 20 blockchains. The largest is Ondo's USDY at $2.39 billion, or 19.8% of the total. See our Treasury count and the tokenized money market funds list.

How does this compare with other bank custody launches?

Deutsche Bank is not the first large custodian to move. BNY Mellon became the first major U.S. bank to offer digital asset custody in 2022, per Bitcoin Magazine.

Custody is different from a tokenized deposit. A custodian holds a token for a client. A tokenized deposit is a claim on the bank itself. We explain the gap in tokenized deposits vs stablecoins. For another bank launch in our coverage, see Standard Chartered's tokenised deposits in Hong Kong.

What to watch

• Whether Deutsche Bank adds tokenized funds to custody, as its Deutsche Asset Management memorandum suggests.
• Whether the supported list grows beyond the first five assets.
• Expansion to Asian financial centers, which corporate bank co-head Gerald Podobnik told Reuters is planned for 2027, per Cointelegraph.
• USDC's on-chain market cap in our stablecoin count, which we update every 6 hours.