US Banks Rapidly Embracing Blockchain for Faster, Cheaper Financial Services

A recent survey by Uphold reveals that 75% of American banks have blockchain finance programs underway. This includes 22% of institutions with projects live or scaling, while an additional 53% are piloting or assessing specific use cases.

The buying phase for digital asset infrastructure has started, with two-thirds of banks having allocated funds and over half issuing RFPs for digital asset vendors and partners. Key use cases include digital asset wallets, custody, and buy/sell/hold for wealth management.

The main barriers to adoption are cybersecurity concerns, risk management and operational risk concerns, and regulatory uncertainty/compliance requirements. Despite these challenges, 72% of institutions have appointed an executive accountable for digital asset/blockchain strategy, while 68% confirmed possessing the necessary in-house regulatory and compliance capabilities.