According to Bloomberg, banks and financial institutions are beginning to embrace cryptocurrency and blockchain technology

Cryptocurrencies were born out of the 2008-2009 financial crisis to provide an alternative to banks. Although initially derided by banks as a cypherpunk daydream, 15 years later, many banks and other financial institutions on Wall Street not only began to get involved in cryptocurrency business (such as ETFs, Bitcoin), but also began to adopt the underlying blockchain technology. Real asset tokenization is the process of representing physical assets such as bonds, stocks, art, or even ownership shares in office buildings as digital tokens on the blockchain. The tokenization process can eliminate settlement delays that arise from the need to clear and record transactions in multiple systems of record and use a large number of intermediaries. Additionally, by placing contract information such as ownership terms and transfer conditions on the blockchain, assets can be bought and sold in pieces and traded outside of market hours. However, U.S. banking regulators have yet to approve innovations such as deposit tokens. They also said instant settlement could exacerbate bank runs. This is because customers can use programmable tokens to automatically withdraw funds from their banks when bad news breaks.