US Banks Flock to Blockchain with 60% Building Crypto Products
The Bitcoin price has shown a small gain in recent days, but what's more significant is the growing adoption of blockchain technology by US banks. According to a new statistic, 60% of US banks are now building crypto or Bitcoin-related products for their clients.
This shift is not driven by banks suddenly falling in love with Bitcoin, but rather because they see the potential benefits of using blockchain to make deposits, securities, and settlement fully programmable. This means that deposits can become tokens, payments can be programmed, and settlement can run 24/7 instead of being restricted to business hours.
JPMorgan is already ahead of the curve with its JPMD deposit token, which runs on the Base network and allows institutional clients to move a digital version of bank deposits with near-instant settlement. Other major US banks such as Citi, Bank of America, and Wells Fargo are also building shared tokenized-deposit networks.
The federal government is also getting in on the action, holding a Strategic Bitcoin Reserve since March 2025. The reserve currently holds around 329,693 BTC, worth approximately $25.81 billion. However, making this reserve permanent requires congressional action, and lawmakers have introduced the ARMA bill to propose a reserve of up to 1 million BTC over five years.