The majority of the US’s largest banks have embraced Crypto services

More than half of the 25 largest banks in the US are now either considering or actively rolling out crypto-related products.

Bitcoin service provider River shared a status chart tracking these banking giants across two areas: custody and trading. The snapshot revealed that 13 of the largest banks have advanced from “not yet” to “exploring,” “announced,” or even offering limited access to crypto services, primarily targeting high-net-worth clients.

Among the banks on the list, Morgan Stanley is preparing to allow its 15,000 brokers to recommend spot Bitcoin ETFs, putting in place suitability guardrails and allocation limits to guide client investments. Charles Schwab’s CEO also recently announced plans to enable direct trading of Bitcoin and Ethereum on its platform, aiming to unify management of all holdings in one place.

Meanwhile, PNC has partnered with Coinbase to offer wealth and asset management clients the ability to trade cryptocurrencies directly through their PNC accounts, eliminating the need for a separate platform.

In custody and tokenization, State Street plans to launch stablecoins and tokenize deposits to improve settlement processes, with upcoming projects targeting tokenized bonds and money market shares. BNY Mellon continues to deepen its crypto footprint by acting as custodian for reserves tied to Ripple’s RLUSD stablecoin and taking on roles in various ETF products.

Citi has also explored blockchain platforms like Solana for next-generation financial services and tokenization pilots, with custody service considerations reported through early 2025.

JPMorgan has been particularly active, launching multiple crypto initiatives this year. Its June pilot of a tokenized deposit token on its Base blockchain aims to enable instant dollar transfers, and CEO Jamie Dimon has announced plans to test stablecoin services alongside it.

In contrast, Capital One, HSBC’s US division, First Citizens, Citizens Financial, M&T Bank and Barclays’ US division are among others on the list that don’t offer custody or trading services and aren’t currently exploring crypto-related products either.