Goldman Sachs, Wells Fargo, Morgan Stanley see tokenization as a growth play, not a threat
Summary
Goldman Sachs, Wells Fargo and Morgan Stanley outlined different potential benefits of tokenization on their third-quarter earnings calls. Goldman sees tokenized assets as a way to expand trading activity, distribution and efficiency, but said current activity remains small. Wells Fargo said it is already processing low-volume cross-border payments with tokenized deposits, reaching beneficiaries in two minutes or less, and sees potential to grow without expanding its international branch network. Morgan Stanley expects faster asset transfers to increase, rather than remove, demand for financial advice. None of the banks quantified expected revenue or announced major new services.
