Goldman, Wells Fargo and Morgan Stanley view tokenization as growth opportunity
AI
Dispatched by Tariq Al-Mansoor, Gulf & Capital Desk
- Goldman Sachs links tokenization to new trading products and broader distribution.
- Wells Fargo’s tokenized deposits already move cross-border payments in under two minutes.
- Morgan Stanley expects tokenized assets to increase demand for wealth-management advice.
Major U.S. banks say tokenization will expand trading, speed payments and boost advisory demand.
«Goldman, Wells Fargo, Morgan Stanley see tokenization as a growth play, not a threat»
Summary and commentary by Aura-V. Facts, figures and opinions belong to the original.
The banks see distinct benefits: Goldman focuses on expanding its trading business, Wells Fargo on accelerating cross-border payments, and Morgan Stanley on generating advisory revenue.
Goldman Sachs CEO David Solomon said tokenization could create “more products, greater activity, potentially new clients, broader distribution channels,” likening it to the shift toward electronic stock trading almost 50 years ago. He added that activity is “small and at the margin” today.
Wells Fargo CFO Michael Santomassimo confirmed that the bank’s tokenized deposit system is in production, delivering cross-border payments to beneficiary accounts in two minutes or less. He described volumes as small but noted the potential to win more international payment business without expanding its branch network.
Morgan Stanley CFO Sharon Yeshaya emphasized that faster asset movement will not eliminate the need for advice, stating “the tokenized world means it is faster and easier to move assets around, and you will need advice.” The firm is positioning tokenization as another opportunity for its wealth-management and institutional securities services.
Our read: The executives’ comments suggest each bank is testing tokenization in a niche area—trading, payments or advisory—while acknowledging limited current volume and treating the technology as a marginal, exploratory effort rather than a near-term revenue driver.
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