Goldman Sachs, Wells Fargo, and Morgan Stanley view tokenization as a growth opportunity rather than a threat.

Goldman Sachs, Wells Fargo, and Morgan Stanley all viewed tokenization as a business growth opportunity during their third-quarter earnings calls, though none provided specific revenue projections for the sector. Goldman Sachs CEO David Solomon noted that tokenization, decentralized finance (DeFi), and prediction markets could drive more products, trading activity, new clients, and distribution channels. The bank is exploring expanded use of Depository Trust & Clearing Corporation (DTCC) tokenization services to cut costs, automate trades, and enhance the efficiency of asset transactions, though its related business remains small for now. Wells Fargo has already leveraged tokenized deposits to process cross-border payments, with funds reaching recipient accounts in as little as two minutes, though transaction volumes remain low at present. Wells Fargo CFO Michael Santomassimo stated that the technology could help the bank expand its cross-border payment business without building out an extensive network of international branches. The bank is also exploring tokenized securities, real-world assets (RWA), and crypto trading services for wealth management clients, though it has not announced a launch timeline. Morgan Stanley CFO Sharon Yeshaya noted that tokenization can speed up and simplify asset transfers, though clients still require investment advice. The bank views the space as a new business opportunity, and did not announce any new products during the calls.