According to a new report from State Street, institutional investors are deepening their engagement with digital assets and emerging technologies such as blockchain and AI—despite ongoing disagreements about whether decentralized finance can fully integrate with traditional markets.
The research found that digital assets currently account for about 7% of institutional portfolios, and this figure is expected to rise to 16% by 2028.
Most holdings are concentrated in digital cash (stablecoins) and tokenized versions of listed stocks or fixed income, with respondents allocating about 1% of their portfolios to each asset class, while asset management firms maintain a larger exposure.
Although stablecoins and tokenized assets make up the bulk of current holdings, cryptocurrencies have delivered the most significant returns. 27% of respondents believe Bitcoin is the best-performing asset, with Ethereum in second place at 21%.
The report also notes that private assets remain the best bet to benefit first from tokenization, with most surveyed institutions expecting digital assets to become mainstream within the next decade; however, they remain cautious about the pace of adoption.
Slightly more than half (52%) of respondents expect that by 2030, 10% to 24% of all investments will be conducted through digital or tokenized tools, while only 1% foresee that most investments will fully shift on-chain.
This survey, conducted in collaboration with Oxford Economics, interviewed over 300 institutional investors to understand how they are using digital assets, AI, and blockchain—and the next steps in capital allocation.
State Street provides institutional financial services. According to the company, as of June 30, it oversees approximately $49 trillion in custody or managed assets across more than 100 markets, as well as $5.1 trillion in managed assets.
The research also shows that distributed ledger technology (DLT) and artificial intelligence have become key components of institutional digital transformation strategies.
Nearly all surveyed companies have initiated or are planning strategies to use advanced and emerging technologies to automate processes, eliminate friction points, and improve the interoperability of business operations.
According to the report, 29% of respondents indicated that blockchain is at the core of their transformation plans. Many institutions are also extending blockchain applications beyond investment operations, applying it to cash flow management (61%), business data processes (60%), and legal or compliance functions (31%).
Institutions are increasingly viewing blockchain and generative AI as complementary foundations for broader digital transformation strategies.
About half (45%) of respondents agree that recent advancements in generative AI will accelerate the development of digital assets, as GenAI tools can build smart contracts, blockchains, and tokens more quickly, securely, and cost-effectively.
Despite growing confidence in digital assets, many companies are skeptical about whether blockchain-based systems can fully replace traditional trading and custody infrastructure.
Nearly half of respondents (43%) expect a hybrid of decentralized and traditional financial investment operations to become mainstream within five years, up from 11% a year ago.
However, 14% of respondents stated they do not believe digital investment systems will completely replace traditional trading and custody, a significant increase from 3% in 2024.
Related: Morgan Stanley Opens Cryptocurrency Fund to All Clients
Original: “State Street: Institutions Plan to Increase Digital Asset Allocations to 16% by 2028”
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