Banks Have Quietly Invested $100 Billion in Blockchain: Report

Unlike headline‑grabbing speculative crypto trading, this wave of investment centers on long‑term infrastructure: payment rails, custody services, tokenization platforms, and on‑chain settlement systems. Ripple and its partners reviewed more than 10,000 blockchain-related financings conducted from 2020 through 2024 and identified 345 deals involving traditional financial institutions, including 33 “mega‑rounds” worth USD 100 million or more.

Global systemically important banks (G‑SIBs), including Citigroup, Goldman Sachs, JPMorgan Chase, Mitsubishi UFJ, and Japan’s SBI Group, have been among the most active participants. Citigroup and Goldman Sachs each backed 18 deals, JPMorgan around 15, and SBI Group was noted for its multi‑round and cross‑border investments.

The 33 mega‑round deals involved banks channeling capital into firms developing infrastructure across tokenization, custody, staking, and cross‑border payments. Ripple’s report emphasizes that a significant portion of overall transaction volume has been directed toward providers building the underlying rails for digital‑finance services.

Ripple’s report underscores a strategic shift from speculation toward infrastructure. According to the findings, the largest share of bank investment and particularly the bulk of productivity-enhancing mega-rounds, focuses on payment systems, digital asset custody, and real-world asset tokenization. Many institutions are also actively exploring or piloting initiatives such as tokenized assets, stablecoin payment rails, and interoperable settlement frameworks that could streamline back-office operations and cross-border settlement.

Of the bank leaders surveyed, 65% are evaluating digital‑asset custody, and over half prioritize stablecoins and tokenized real‑world assets. Only a minority, under 20%, are currently offering retail crypto trading or wallet services, highlighting the focus on institutional infrastructure use cases rather than consumer exposure.

Ripple’s survey of over 1,800 global finance executives found that 90% expect blockchain and digital‑asset technologies to have a “significant” or “massive” impact on finance by 2028. Many banks anticipate launching formal digital‑asset programs within the next three years, ranging from stablecoin issuance to cross‑network settlement layers compatible with CBDCs and private tokens.

Notably, investment rebounded strongly in early 2024, post‑FTX collapse, after a slowdown during the 2022 crypto winter. Emerging markets like the UAE, India, and Singapore led adoption accelerations, while regulatory uncertainties in the U.S. and Europe continue to temper pace in those jurisdictions.

Research from Boston Consulting Group, cited in Ripple’s report, projects that assets tokenized on‑chain, representing everything from real estate to equities and debt, could approach USD 18‑19 trillion by 2033, with an annual growth rate exceeding 50%. Stablecoin volumes meanwhile topped USD 650‑700 billion monthly in early 2025, signaling explosive adoption in wholesale and cross‑border retail payments.

The report highlights examples of bank‑led blockchain innovation. HSBC has launched a tokenized gold platform, allowing institutional clients access to fractional‑ownership digital gold using blockchain‑based issuance and settlement. Goldman Sachs has piloted its GS DAP (Digital Asset Platform) to support blockchain‑based settlement services, including real‑world asset trading and custody frameworks. SBI Group in Japan continues its support for blockchain projects focused on quantum‑resistant digital currency platforms and scalable tokenized asset infrastructure.

These initiatives, the report argues, point to an era in which real‑world asset tokenization transitions to the implementation phase rather than pilot projects.

Despite the momentum, Ripple and UK CBT analysts stress that regulatory clarity, shared technical standards, and strong security frameworks remain essential to long‑term success. Interoperability across networks and consistent oversight will be needed to avoid fragmentation and ensure stability as digital‑asset systems scale across global finance.

Ripple reinforces its own positioning as a provider of enterprise blockchain infrastructure, through its XRP Ledger, enterprise custody models, and cross‑border payment tools, designed to meet compliance and security expectations of regulated institutions.

Ripple’s “Banking on Digital Assets” report crystallizes a turning point: from 2020 through 2024, banks invested over USD 100 billion in blockchain infrastructure, participating in 345 deals and 33 mega‑round financings. As many banks move past concept to concrete deployment, focus now lies on institutional custody, tokenization, stablecoins, and cross‑border payments. With 90% of finance executives forecasting major industry impacts by 2028, and tokenized assets projected to reach nearly USD 19 trillion by 2033, the report frames blockchain not as hype, but as the foundation of the next generation of financial infrastructure.

Banks that once explored crypto as an experiment are now rewiring their operational core and investing accordingly.