Major US banks highlight tokenization as growth opportunity on Q3 calls
Goldman Sachs, Wells Fargo, and Morgan Stanley highlighted tokenization as an avenue for business growth on their third-quarter earnings calls, addressing developments from wealth advisory to real-time payments.
Goldman Sachs, Wells Fargo, and Morgan Stanley all presented tokenization as a commercial growth opportunity during their third-quarter earnings calls, according to reports by Cointelegraph and journalist Jacquelyn Melinek.[2][3]
Wells Fargo disclosed that it is already settling some cross-border payments in two minutes or less through tokenized deposits. Meanwhile, Morgan Stanley identified tokenization as an opening for its wealth business, anticipating that clients will require advisory services as tokenized assets gain traction.[2][3]
Goldman Sachs CEO David Solomon likened tokenization to Wall Street's historical shift toward electronic trading. Responding to an earnings call question about whether decentralized finance and tokenization threaten the bank's markets division, Solomon described the trend as exciting rather than disruptive. He explained that developments across tokenization and DeFi are generating more products, driving greater activity, attracting potential new clients, and opening broader distribution channels, which effectively expand the total addressable market for the firm's business.[1][3]
Solomon added that Goldman Sachs continues to invest in and closely monitor both the opportunities and risks associated with the technology. According to crypto.news, Solomon views tokenization as coming to every asset class as traditional financial institutions embrace blockchain-based instruments.[1][4]
Key facts
- Goldman Sachs, Wells Fargo, and Morgan Stanley highlighted tokenization as a growth opportunity on their Q3 earnings calls.
- Wells Fargo is settling some cross-border payments in two minutes or less using tokenized deposits.
- Morgan Stanley considers tokenization a growth prospect for its wealth division because clients will require advice on tokenized assets.
- Goldman Sachs CEO David Solomon compared tokenization to the financial sector's historical shift to electronic trading.
- David Solomon stated that tokenization and DeFi expand the total addressable market for Goldman Sachs' markets business by generating products, activity, clients, and distribution channels.
- Solomon stated that Goldman Sachs continues to invest in and monitor tokenization developments for opportunities and risks, predicting tokenization is coming to every asset class.
Sources 路 4 sources
- FC
Frank Chaparro@fintechfrankPost on X 路
Goldman CEO David Solomon says tokenization/DeFi presents exciting opportunity and creates "broader distribution channels" when asked if it threatens their markets business during Q3 earnings call: "We continue to invest and closely monitor the developments, both for opportunities, but also for risks. The developments are obviously creating more products, greater activity, potentially new clients, broader distribution channels. And naturally, when you look at these things, they expand the TAM for our business, and that's one of the things that's interesting and exciting."
Open source - CO
Cointelegraph@CointelegraphPost on X 路
馃敟 BIG: Goldman Sachs, Wells Fargo and Morgan Stanley all pitched tokenization as a growth opportunity on their Q3 calls, with Wells Fargo already settling cross-border payments in two minutes using tokenized deposits. https://t.co/wvPqY5uenc
Open source - JM
Jacquelyn Melinek@jacqmelinekPost on X 路
ICYMI鈥oldman, Wells Fargo and Morgan Stanley all brought up tokenization on their Q3 earnings calls: - @WellsFargo: tokenized deposits already settling some crossborder payments in 2 minutes or less - @GoldmanSachs: David Solomon compared it to the shift to electronic trading - @MorganStanley: sees it as an opportunity for its wealth business, since clients will need advice on tokenized assets
Open source - CN
crypto.news@cryptodotnewsPost on X 路
JUST IN: Goldman Sachs CEO says tokenization is coming to every asset class David Solomon, who leads the $4.1T financial giant, sees tokenization expanding across markets as traditional finance embraces blockchain-based assets. https://t.co/pSkNd3jDki
Open source