How Digital Assets Are Changing Banking

Summary

Betsy Graseck discusses how digital assets could reshape global wholesale banking by 2030. She outlines three drivers: FinTech competition, pro-crypto legislation, and extended exchange hours. The impact includes up to $8bn in new revenue from servicing crypto assets but also $82bn in revenue displacement risk from traditional rails. She highlights catalysts like the Clarity Act, DTCC tokenization, and Nasdaq/NYSE extended hours.

• Three key drivers: FinTech competitiveness, US legislation (Genius Act, Clarity Act), and 24/7 exchange capabilities.
• Wholesale banks could see $1.5-8bn incremental revenue from servicing crypto assets by 2030, about 1% of forecast $770bn.
• Revenue displacement risk of $21-82bn as clients move from traditional to digital asset rails.
• Catalysts include Clarity Act passage, DTCC tokenized products in fall 2026, and Nasdaq/NYSE extended trading hours.
• Investors are advised to assess how current holdings are positioned for the digital rails transformation.