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- Some U.S. banks, which once kept their distance from crypto, are now quietly holding internal talks about expanding into the sector.
- So far, there have been significant legislative breakthroughs, like the approval of the GENIUS ACT and the CLARITY Act.
After years of hesitation, U.S. banks are finally warming up to crypto. Recently, PNC Bank, which manages $421 billion in client assets, has partnered with Coinbase to offer customers seamless crypto trading and custody options directly through their online banking platform.
‘By using Coinbase’s Crypto-as-a-Service solution, PNC clients, ranging from retail customers to corporations and government agencies, will soon be able to buy, sell, and securely store digital assets without leaving the bank’s trusted ecosystem.
“This collaboration enables us to meet growing demand for secure and streamlined access to digital assets on PNC’s trusted platform,” William S. Demchak, CEO of PNC Bank, stated. While the bank hasn’t given a launch date, the move is a clear sign that regional banks are stepping deeper into the crypto space.
It doesn’t stop there. JPMorgan, the largest U.S. bank with $3.6 trillion in assets, along with Standard Chartered and Bank of America, is exploring services like crypto-backed lending and even launching stablecoins, spurred by growing competition from fintech players.
Standard Chartered already offers institutional trading for Bitcoin (BTC) and Ethereum (ETH) through its UK branch, while France’s Société Générale recently became the first major bank in the world to issue a dollar-pegged stablecoin.
This adoption comes as stablecoins gain traction. According to data from DeFiLlama, the stablecoin market capitalization has surged 58% since July 2024, climbing from $163.3 billion to $263 billion today.
What’s Driving this Movement?
These U.S. banks’ embracing digital assets is a result of regulatory clarity. On January 23, President Trump signed Executive Order 14178, reversing earlier crypto policies and introducing a pro-blockchain framework.
The order bans federal agencies from developing central bank digital currencies (CBDCs) over privacy concerns, encourages legally issued dollar-backed stablecoins, and ensures fair banking access for crypto businesses and users.
As Crypto News Flash explained, back in May, the OCC relaxed its rules on crypto custody and stablecoin support, making it clear that banks can offer crypto custody services without needing prior approval.
Trump has also pushed for the GENIUS Act, which is designed to regulate stablecoins and their issuers, alongside the CLARITY Act, which resolves SEC vs. CFTC oversight questions, and the Anti-CBDC Surveillance State Act, which outright bans U.S. CBDCs.
Crypto-native firms are stepping up as well. Ripple Labs, Circle, BitGo, and Kraken are applying for special national trust bank charters. This will enable the crypto firms to operate like fully regulated financial institutions, combining custody, payments, and asset management services under one roof, just as Anchorage already does.
While this push is exciting for innovation, U.S. banking groups are urging regulators to slow down the approval process for national banking charters for crypto companies.
Regulators are also clearing the path for adoption. The Securities and Exchange Commission (SEC) has just approved Bitwise’s 10 Crypto Index ETF, which features a mix of major assets like Ripple (XRP), Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Polkadot (DOT), and Solana (SOL).
In addition, the SEC has advanced Canary Capital’s spot SUI ETF application into the “institution of proceedings” stage, signaling active consideration.
