Banks to Accelerate Digital-Asset Push in 2026, Focus on Stablecoins and Tokenization
Elliptic forecasts that 2026 will see global banks substantially expand digital-asset activity, driven by maturing regulatory frameworks, US policy moves, and rising client demand. Major banks — including JPMorgan, BNY Mellon, Citi, HSBC and UBS — have already launched or piloted initiatives. Two priority areas for banks in 2026 will be stablecoins and tokenization. Stablecoins appeal because they align with banks’ core services (price stability, fiat backing and payments utility) and benefit from emerging regulatory regimes in the EU, Japan, Hong Kong and forthcoming US legislation (GENIUS Act). Tokenization — recording ownership of deposits, bonds, securities or real-world assets on blockchain — is viewed as a natural evolution for banks, with potential efficiency, settlement and auditing gains; examples include HSBC’s Orion and UBS Tokenize. Elliptic expects banks to move cautiously but decisively, prioritizing compliance, public-private collaboration and legacy-system upgrades. While regulatory divergence and infrastructure limits may slow some initiatives, banks’ strategic push should accelerate the maturation and institutionalisation of cryptoassets within financial services during 2026.
Bullish
Institutional banking engagement typically supports market credibility, liquidity and infrastructure development—factors that are bullish for digital-asset markets. Elliptic’s outlook points to accelerating bank activity in stablecoins and tokenization backed by clearer regulation (EU, Hong Kong, Japan, and forthcoming US rules) and strong client demand. Historically, major institutional commitments (custody, trading desks, custody coverage) have reduced perceived custody risk and attracted capital, as seen after prior custody offerings and ETF approvals for major crypto assets. Short-term, markets may react with price spikes on positive announcements and volatility around regulatory clarifications or pilot results. Mid-to-long-term, broader bank adoption should increase liquidity, deepen markets for tokenized products, and lower execution and settlement frictions—supporting higher institutional inflows and product development. Risks that temper the bullish view include uneven global regulations, legacy systems delays, and potential concentration of power in large banks that could reshape competitive dynamics. Overall, the net effect is positive for market structure and adoption, favouring a bullish classification.