New research commissioned by Ripple suggests that institutional digital asset custody is evolving beyond simple safekeeping. The Boston Consulting Group (BCG) report, summarized by Ripple on October 21, 2026, indicates that governance, interoperability, and integration are becoming key factors for institutions when selecting custody providers. This shift is driven by the increasing operational use of stablecoins, tokenized assets, and blockchain-based payments.
According to Ripple’s summary of the BCG report, titled “Beyond Safekeeping: Custody as the Operating Layer Beneath Digital Finance,” over 30% of digital assets not held on centralized exchanges are now managed through institutional custody models. This percentage is expected to grow. Regulatory clarity from frameworks like Europe’s MiCA and the United States’ GENIUS Act means that basic safekeeping and key management are now considered standard requirements rather than competitive advantages.
Institutions are now assessing custody providers based on enterprise-grade governance and policy controls, as well as their ability to interoperate across different networks and integrate with existing financial infrastructure. The report also highlights the growing influence of bot and AI activity, which elevates the importance of robust governance and approval controls alongside cryptographic security.
The research characterizes digital asset custody as an essential operating layer that empowers institutions to manage, move, and utilize assets within financial workflows. Ripple stated that the report identifies a diversification in custody models. Wallet-as-a-Service is gaining traction among fintech companies focused on retail and payments. Meanwhile, major banks are increasingly licensing self-custody technology to develop client products.
A “one-stop-shop” model, where providers offer a combined suite of custody, settlement assets, payment rails, treasury, and execution services, is also described. BCG anticipates that aggregating multiple custodians behind a unified orchestration layer will become a market standard, emphasizing the significance of interoperability and orchestration. The report connects custody to a broader range of applications, including tokenization, stablecoin issuance, payments, treasury functions, lending, and collateral management.
BCG estimates that a regional bank with a balance sheet between $200 billion and $300 billion could see its profit and loss improve by up to $100 million by integrating digital asset use cases with appropriate custody decisions. The underlying assumptions for this estimate were not provided in the source material. This 2026 overview builds upon earlier BCG work, such as a May 29, 2024 framework with DTCC, Clearstream, and Euroclear. That earlier research focused on digital asset securities and outlined principles, risks, and controls.
Ripple’s 2026 summary focuses on institutional digital asset custody and positions it as strategically crucial for institutions aiming to rapidly launch digital finance services. BCG forecasts market consolidation around providers that achieve vertical integration, aggregate networks, or embed modular infrastructure. The timing for broader market validation of these emerging trends was not specified.
The research emphasizes that as digital assets move from pilot phases to operational use, the nature of custody is fundamentally changing. Institutions require more than just secure storage; they need platforms that facilitate complex financial operations and ensure compliance in an increasingly digital landscape. This evolution suggests a growing demand for sophisticated digital asset infrastructure, potentially impacting areas like the development of data centers to support these new financial technologies.
Ripple’s emphasis on this research aligns with its own initiatives in the digital finance space, aiming to bridge traditional finance with blockchain technology. The findings suggest that institutions will prioritize custody solutions that offer robust governance, seamless interoperability, and deep integration capabilities to unlock the full potential of digital assets. This trend could also influence cybersecurity strategies, as highlighted during Cybersecurity Awareness Month, underscoring the need for advanced security measures in digital finance.
The strategic importance of custody as an operating layer could also drive innovation in areas such as the development of marketing tools and services that leverage tokenized assets and blockchain payments. As the digital finance ecosystem matures, the demand for integrated and secure custody solutions will likely intensify.
Frequently asked questions
What is the main finding of the BCG research summarized by Ripple?
The research finds that institutional digital asset custody is moving beyond safekeeping to become an operating layer for digital finance, with governance, interoperability, and integration as central criteria.
Why is digital asset custody evolving?
The evolution is driven by the increasing operational use of stablecoins, tokenized assets, and blockchain-based payments, requiring more sophisticated management than simple safekeeping.
What are the key selection criteria for institutional custody providers now?
Institutions are increasingly evaluating custody providers on enterprise-grade governance and policy controls, interoperability across networks, and integration with existing financial infrastructure.
How does the report characterize digital asset custody?
The report characterizes custody as an operating layer that allows institutions to govern, move, and use assets across financial workflows, rather than merely holding them.
What is the estimated financial benefit for a regional bank?
BCG estimates that a regional bank with a $200 billion to $300 billion balance sheet could improve its P&L by up to $100 million by combining digital asset use cases with the right custody decisions.
