According to a recent report supported by Ripple, traditional banks have invested over $100 billion in blockchain since 2020, affirming that digital assets are becoming mainstream.
This figure comes from 'Banking on Digital Assets', a joint study by Ripple, CB Insights, and the UK Blockchain Technology Centre (UK CBT), analyzing over 10,000 blockchain transactions and surveying more than 1,800 global financial leaders. According to the study's findings, major banks are ramping up investments in custody, tokenization, and payment infrastructure — despite regulatory uncertainty and market volatility.
The report estimates that over $100 billion has been invested in blockchain and digital asset initiatives globally from 2020 to 2024. The report also shows that 90% of surveyed financial leaders believe these technologies will have a significant or large impact on finance within the next three years.
The report states that from 2020 to 2024, traditional financial institutions participated in 345 blockchain transactions globally. Payment-related infrastructure accounted for the largest market share, followed by cryptocurrency custody, tokenization, and on-chain foreign exchange. About 25% of investment focused on infrastructure providers supporting blockchain payments and asset issuance.
More than 90% of CFOs surveyed by Ripple believe that blockchain and digital assets will have a "significant" or "large" impact on finance by 2028. Among the banks surveyed, 65% stated they are actively exploring digital asset custody services, with more than half considering stablecoins and tokenized real assets as top priorities.
Cited examples include HSBC's tokenized gold platform, Goldman Sachs' blockchain payment tool GS DAP, and SBI's quantum-resistant digital currency research. However, most respondents indicated that consumer-facing digital assets are not an immediate focus — fewer than 20% of banks reported offering cryptocurrency trading services or retail wallets.
The report argues that this shift is more infrastructural than speculative. Institutions are investing heavily in blockchain to modernize cross-border payments, streamline balance sheet management, and reduce reliance on traditional payment methods. Ripple, a company providing enterprise-grade blockchain solutions for banks, has positioned these findings as evidence that "real-world asset tokenization is entering the deployment phase."
Although regulatory clarity has been slow in many jurisdictions, more than two-thirds of surveyed banks indicated they expect to implement digital asset initiatives within the next three years. These efforts may range from piloting tokenized bonds to building compatible payment layers for CBDCs and private stablecoins.
Despite recent volatility in the cryptocurrency market, Ripple's report argues that capital formation is accelerating rather than retreating. The report notes that blockchain investment from traditional finance reached its highest level since the FTX exchange in Q1 2024, and emerging markets — including the UAE, India, and Singapore — are driving faster adoption than the US and Europe.
For blockchain companies and infrastructure providers, the message is clear: the next wave of institutional adoption will not depend on hype cycles or retail frenzies, but rather on the quiet transformation of the global financial system.