How Over 65 Million Americans Now Own Crypto as Digital Banking Takes Over

This article was first published on Deythere.

In the US, digital banking and crypto adoption is happening. Today, reports show that about 3/4 of Americans use mobile or online banking, as the shift to digital financial services continues.

Meanwhile, crypto ownership is also rising as recent surveys estimate 20-28% of US adults now own crypto (55-65 million people). These two trends point to how finance is changing.

Digital Banking Market 2025

US digital banking has grown. Industry forecasts earlier forecasted that the digital banking platform market would grow from $7.33 billion in 2024 to $8.12 billion in 2025. Today, about 76-77% of Americans manage their finances online or through mobile apps.

This is driven by widespread smartphone use and customer demand for convenience. 77% of US consumers reportedly prefer to handle their accounts through a bank’s mobile app or website.

Younger generations are leading this shift: 80% of millennials and 72% of Gen Z use smartphone banking. Because digital lets banks automate and streamline services; many have closed thousands of physical branches in recent years. 

According to one analysis, US banks have closed 1,646 branches per year on average since 2018. This has reduced operational costs by 20-40% for banks, showing the efficiency gains from digital transformation.

Notable  causes of digital banking growth are: convenience for tech-savvy customers, 24/7 account access, lower fees (fewer branch costs), and rapid innovation. 

Open banking APIs and fintech partnerships are also allowing banks to add new features. For example, 80% of US consumers have reportedly  linked their bank accounts to third-party financial apps, so personalization and connectivity is expected in everyday banking.

Crypto Adoption in the US Market

Crypto adoption in the US is growing but from a smaller base. Surveys say about 1/5 to 1/4 of American adults currently own crypto.

A 2025 study said about 21% of US adults (55 million people) own some  cryptocurrency, up from 16-17% in 2022-2023. Another poll put it even higher, at 28% of adults (65 million).

Regardless of the number, adoption has doubled since 2021. But actual crypto usage for payments is low.

The Federal Reserve’s 2024 survey found only 8% of adults had used crypto for any purpose (investment or payment) in the past year. In detail, 7% of adults bought or held crypto as an investment, while 2% used crypto to make purchases or send money.

In other words, crypto in the US today is used mostly as an investment, not everyday currency. And even among crypto owners many are skeptical.  A recent survey found 63% of Americans don’t trust current crypto investment methods.

Global data also shows the U.S. as a top crypto adopter. Chainalysis ranks the U.S. #2 in crypto adoption in 2025, behind only India.

North America’s on-chain crypto activity grew about 49% year-over-year (June 2024–June 2025) due to new Bitcoin ETFs, stablecoin volumes and increasing retail participation.

Yet even as ownership grows, the share of people using crypto for everyday transactions is very small (1–2% per Fed data).

Banks and Fintechs Add Crypto Services

Traditional banks and fintechs are starting to weave crypto into their digital offerings. In late 2025; fintech-bank SoFi announced it was the first US national bank to offer crypto trading alongside traditional banking.

SoFi customers can now buy; sell and hold dozens of cryptocurrencies in the same app where they manage loans and deposits.

SoFi’s CEO Anthony Noto said this was made possible by recent regulatory clarity, including a new OCC rule allowing banks to offer crypto services.

SoFi also plans to issue its own U.S. dollar stablecoin and integrate crypto into loans and payment infrastructure.

Big incumbent banks are moving too. For example, U.S. Bank (a large regional bank) brought back its Bitcoin custody services in 2025 targeting institutional fund managers.

The service includes both direct Bitcoin custody and administration of Bitcoin ETFs, showing how big banks are getting into crypto. 

Similarly, Reuters reports that Bank of America, Citigroup, JPMorgan Chase and others are working on stablecoin projects. Bank of America’s CEO said in mid-2025 that BofA is “working on launching a stablecoin” pegged to the dollar.

Citigroup’s CEO said Citi “may issue a stablecoin” to facilitate payments. Even JPMorgan (despite Jamie Dimon’s past skepticism) is planning to participate in stablecoin networks.

Fintechs and payment companies are part of this trend too. Crypto-friendly platforms like Coinbase, Gemini, PayPal etc. have offered trading and custodial services for years and some now add fiat banking features. Challenger banks like Revolut outside the U.S. and neo-banks in the U.S. are exploring crypto deposits and payments.

Meanwhile, new stablecoins are gaining traction. Large exchanges reported that as of mid-2025, Tether (USDT) and USDC together handle on the order of $0.7 – 1.0 trillion monthly, showing how crypto rails are already moving huge value.

2025 U.S. Digital Banking and Crypto Adoption Overview

Expert Insights: Crypto “Under the Hood” of Banking Apps

Industry experts say crypto is moving “under the hood” of mainstream banking. As Aryan Sheikhalian of CMT Digital writes, consumers will increasingly encounter crypto through familiar interfaces like banking apps, payroll systems, checkout screens, not through separate crypto wallets or exchanges.

He says new laws like the GENIUS Act and CLARITY Act; are “rewiring crypto distribution” by allowing money to move over regulated stablecoin rails.

The implication is huge. For most Americans, the first experience with blockchain money will be through their bank or employer’s app without even realizing it’s crypto at work.

Similarly, institutional folks see crypto as maturing. A 2025 Deloitte survey found nearly a quarter of large company CFOs expect to use digital currencies for payments or investments within two years.

Companies are asking how to get tokenized assets into finance. As Goldman’s CFO and strategists have noted, traditional finance is starting to adopt tokenization and stablecoins to speed up and reach of payments.

In fact, Galaxy Asset Management strategist Chris Rhine says US regulators have done a “180” from previous crackdowns and the SEC now “works with crypto companies”.

This regulatory shift has given banks the confidence to offer crypto services,  as SoFi’s CEO put it, clarity on what’s permissible has turned on the tap for crypto-banking products.

Regulatory Landscape and Future Outlook

The US regulatory environment is moving fast to accommodate this. In early 2025 the White House issued an executive order supporting the “responsible growth and use of digital assets”, including dollar-backed stablecoins.

Key legislation is moving through Congress: the FIT21 Act  and the GENIUS Act will define clear oversight of crypto and establish a framework for payment stablecoins.

Meanwhile; the SEC approved multiple spot Bitcoin ETFs in 2024 and by mid 2025 over $50 billion had flowed into them.

Institutions are gearing up: Reuters reports banks are collaborating on stablecoin rails pilots using US dollars and big companies like Bank of America and Fiserv are exploring dollar-backed digital coins under the new GENIUS rules.

Together; these policy and market developments suggest 2025 may be the year when digital banking and crypto adoption merge. 

Conclusion

Digital banking and crypto adoption in the US will continue to grow. Digital banking is near saturation with over 75% of adults and is innovating with AI, open APIs and integrated finance. 

Crypto adoption is at an early stage, but has hit double digit penetration and is being woven into banking infrastructure via ETFs, custody and stablecoin payments. 

Regulatory clarity from the White House to Congress is aligning with market demand suggesting that banks and fintechs will soon add more crypto features. 

The population can expect their banking apps to offer more crypto services “under the hood” and possibly a new era where digital dollars (stablecoins) sit alongside traditional dollars in US bank accounts.

Glossary

Digital Banking: financial services like checking; transfers, payments; accessed primarily online or via mobile apps, not in physical branches.

Cryptocurrency: a digital asset like Bitcoin or Ethereum; that uses blockchain technology for secure transactions. 

Stablecoin: a type of cryptocurrency designed to have a stable value; by being backed 1:1 with fiat money or assets like the US dollar. 

Blockchain: the tech behind crypto; a distributed ledger that records transactions across many computers.

Crypto Custody: services offered by banks or platforms to store customers’ crypto assets; like a safe.

ETF (Exchange-Traded Fund): an investment fund traded on stock exchanges. 

Frequently Asked Questions About Digital Banking and Crypto Adoption.

What’s the current rate of U.S. digital banking adoption?

Almost all U.S. adults use digital banking; 76-77% of Americans use online or mobile banking. It’s especially high among younger users (80% of millennials use mobile banking).

How many Americans own cryptocurrency?

Surveys vary; but recent data says about 21-28% of U.S. adults own crypto (55-65 million people). A 2025 poll said 21% of adults own crypto. That’s roughly double since 2021.

How do digital banks offer crypto services?

U.S. banks and fintechs are adding crypto trading, custody and stablecoin services. A notable example, SoFi became the first U.S. national bank to let customers buy and sell crypto in its app. Other banks like Bank of America; Citi, etc. are working on dollar-backed stablecoins and crypto payment features.

Are Americans using crypto for payments or mainly as an investment?

Right now, most U.S. crypto use is investment-oriented. Federal Reserve data shows only about 2% of adults have used crypto to make a payment; while 7% held crypto as an investment in 2024. Many use crypto to hedge inflation or diversify their portfolio; not for everyday purchases.

What regulations affect crypto in U.S. banking?

US policymakers are passing crypto-friendly laws. An executive order in Jan 2025 endorsed responsible crypto innovation. Congress has passed the FIT21 bill (House) and the GENIUS Act (stablecoin law) to clarify oversight. Once enacted, banks will have clear rules to issue dollar stablecoins and offer crypto services.