More than half of the largest banks in the United States have either begun offering Bitcoin-related products or have disclosed plans to do so, according to Bitcoin financial services firm River. In a post on X on Monday, River shared data on the top 25 US banking institutions, stating that “60% of the top US banks are into Bitcoin.”

The shift in tone was echoed by Coinbase CEO Brian Armstrong, who said a major takeaway from his time at the World Economic Forum in Davos, held from Jan. 19 to Jan. 23, was a noticeable change in how bank leaders view crypto. Referring to conversations with several unnamed banking CEOs, Armstrong said, “most of them are actually very pro crypto and are leaning into it as an opportunity, some aren't quite there yet. One CEO of a top 10 global bank told me crypto is their number one priority, and they view it as existential.”

This marks a contrast to earlier years, when some US banks were accused of taking a hostile stance toward cryptocurrency and were alleged to be involved in efforts such as the so-called Operation Chokepoint 2.0, which critics say aimed to cut crypto firms off from banking services.

Big banks test the waters, cautiously

River’s latest update includes Swiss banking group UBS, which operates in the US and is reportedly considering offering Bitcoin and Ether trading to its wealthiest clients, according to a Bloomberg report published Friday.

Within the US “Big Four” banks, JPMorgan Chase has said it is weighing the introduction of crypto trading, Wells Fargo already provides Bitcoin-backed lending to institutional clients, and Citigroup is exploring crypto custody services for institutional customers. Together, these three banks manage more than $7.3 trillion in assets, based on Forbes estimates.

Despite this progress, banks have not fully embraced every corner of the crypto market. Many remain vocal critics of yield-bearing stablecoins, arguing that such products could introduce risks to the broader financial system.

Several major institutions remain on the sidelines

Not all large US banks have signaled interest in Bitcoin-related services. Bank of America, the remaining member of the Big Four and the second-largest US bank overall, has yet to announce any plans to offer crypto products, according to River. Forbes estimates Bank of America’s total assets at more than $2.67 trillion.

Other major institutions also remain cautious. Capital One, with roughly $694 billion in assets, and Truist Bank, which holds about $536 billion, have not publicly disclosed any intention to enter the Bitcoin services space so far.

Sources:

https://cointelegraph.com/news/top-us-banks-bitcoin-services-trading-custody

https://www.forbes.com/advisor/banking/largest-banks-in-the-us

https://x.com/River/status/2015901529002160605