Banks, payment companies, and asset managers are testing blockchain rails for deposits, securities, stablecoins, and settlement.

Wall Street is entering the next phase of institutional crypto adoption, moving beyond trading desks and exchange-traded funds (ETFs) into core financial infrastructure.

Since May, financial institutions including Citi, Mastercard, Visa, the Depository Trust & Clearing Corp. (DTCC), and several major US banks have rolled out blockchain infrastructure projects, spanning on-chain payments, asset tokenization, transaction settlement, and more.

These moves mark a clear turn for blockchain’s role in traditional finance. Wall Street’s first major crypto push centered on trading products and investment access, while…