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Custodia is full reserve so they probably don’t need deposit insurance but the Fed doesn’t seem to understand fractional reserve
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Custodia is full reserve so they probably don’t need deposit insurance but the Fed doesn’t seem to understand fractional reserve
https://caselaw.findlaw.com/court/us-dis-crt-d-wyo/116097786.html
The first section contains the decision.
https://www.federalreserve.gov/newsevents/pressreleases/orders20230127a.htm
Custodia does not have federal deposit insurance. That was one reason cited for rejecting application for master account