90% of Global Finance Leaders Say Blockchain Will Transform Finance by 2028

Traditional banks have invested more than $100 billion in blockchain since 2020, according to a recent Ripple-backed report claiming digital assets are going mainstream.

That figure comes from “Banking on Digital Assets,” a joint study by Ripple, CB Insights and the UK Centre for Blockchain Technologies (UK CBT), which analyzed more than 10,000 blockchain deals and surveyed over 1,800 global finance leaders. According to the findings, major banks are ramping up investments in custody, tokenization, and payment infrastructure — despite regulatory uncertainty and market volatility.

The report estimates that more than $100 billion has been invested in blockchain and digital asset initiatives globally between 2020 and 2024. It also found that 90% of surveyed finance leaders believe these technologies will have a significant or massive impact on finance within the next three years.

From 2020 through 2024, traditional financial institutions participated in 345 blockchain deals globally, the report says. Payment-related infrastructure drew the largest share, followed by crypto custody, tokenization and on-chain foreign exchange. Roughly 25% of investments focused on infrastructure providers powering blockchain settlement and asset issuance rails.

More than 90% of finance executives surveyed by Ripple believe blockchain and digital assets will have either a “significant” or “massive” impact on finance by 2028. Among bank respondents, 65% said they are actively exploring digital asset custody, with more than half citing stablecoins and tokenized real-world assets as top priorities.

Examples cited include HSBC’s tokenized gold platform, Goldman Sachs’ blockchain settlement tool GS DAP, and SBI’s work on quantum-resistant digital currency. Still, most respondents say consumer-facing digital assets are not the immediate focus — less than 20% of banks reported offering crypto trading or retail wallets.

The report frames the shift as more infrastructural than speculative. Institutions are largely investing in blockchain to modernize cross-border payments, streamline balance sheet management, and reduce reliance on legacy rails. Ripple, which provides enterprise-grade blockchain solutions for banks, positioned the findings as evidence that “real-world asset tokenization is entering the implementation phase.”

Even as regulatory clarity lags in many jurisdictions, more than two-thirds of surveyed banks say they expect to launch a digital asset initiative within the next three years. Those efforts may range from piloting tokenized bonds to building interoperable settlement layers for CBDCs and private stablecoins.

Despite recent setbacks in crypto markets, Ripple’s report argues that capital formation is accelerating, not retreating. It notes that blockchain investment from traditional finance hit a post-FTX high in Q1 2024, and that emerging markets — including the UAE, India and Singapore—are driving adoption faster than the U.S. and Europe.

For blockchain firms and infrastructure providers, the message is clear: the next wave of institutional adoption won’t hinge on hype cycles or retail mania, but on quietly transforming the pipes of global finance.