According to a recent report backed by Ripple, traditional banks have invested more than $100 billion in blockchain since 2020, confirming that digital assets have become mainstream.
These figures are drawn from the joint study "Dealing with Digital Assets" between Ripple, CB Insights, and the UK Blockchain Technology Center (UK CBT), which analyzed over 10,000 blockchain transactions and surveyed more than 1,800 leaders in the global financial sector. According to the study, major banks are increasing their investments in custody, cryptocurrencies, and payment infrastructure, despite regulatory uncertainty and market volatility.
The report estimates that more than $100 billion will be invested in blockchain initiatives and digital assets globally between 2020 and 2024. The report also found that 90% of finance leaders surveyed believe these technologies will have a significant or major impact on finance in the next three years.
The report stated that between 2020 and 2024, traditional financial institutions participated in 345 blockchain transactions globally. Payment-related infrastructure accounted for the largest share, followed by on-chain cryptocurrency custody services, tokenization, and foreign exchange. About 25% of investments are focused on infrastructure providers that support blockchain payments and asset issuance.
More than 90% of CFOs surveyed by Ripple believe that blockchain technology and digital assets will have a "significant" or "major" impact on the financial sector by 2028. Among the banks surveyed, 65% reported that they are actively exploring digital asset custody services, with more than half considering stablecoins and real-world tokenized assets a top priority.
Examples mentioned include HSBC's tokenized gold platform, Goldman Sachs' GS DAP blockchain payment tool, and SBI's research into quantum-resistant digital currencies. However, most participants reported that consumer-facing digital assets are not a direct focus - with fewer than 20% of banks offering cryptocurrency trading services or retail wallets.
The report indicates that this shift is more about infrastructure than speculation. Institutions are heavily investing in blockchain technology to modernize cross-border payments, simplify balance sheet management, and reduce reliance on traditional payment methods. Ripple, which provides enterprise blockchain solutions for banks, presented these findings as evidence that "the tokenization of real-world assets is entering the implementation phase."
Despite the lack of clarity in regulatory frameworks in many jurisdictions, more than two-thirds of the banks surveyed expect to launch digital asset initiatives in the next three years. These efforts can range from experimenting with tokenized bonds to building compliant settlement layers for central bank digital currencies and private stablecoins.
Despite recent volatility in the cryptocurrency market, the Ripple report indicates that capital formation is accelerating rather than declining. The report notes that blockchain investments from traditional finance reached their highest levels since the FTX market in the first quarter of 2024, with emerging markets - including the UAE, India, and Singapore - adopting this technology faster than the U.S. 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 madness, but on the quiet transformation of the global financial system.