Major financial institutions are increasingly framing tokenization as a long-term growth avenue rather than a short-term competitive threat. The latest signal came from third-quarter 2026 earnings calls at Goldman Sachs, Wells Fargo, and Morgan Stanley, where executives described real-world asset tokenization as an emerging source of new business.
Goldman Sachs Chairman and CEO David Solomon said on the firm’s October 13 call that tokenization is a notable trend spanning multiple asset classes. He noted that Goldman has already tokenized bonds, certain money-market funds, and real-estate exposures for select clients through its GS DAP platform, developed in 2022. Solomon also pointed to participation in the July launch of a tokenization service by the Depository Trust & Clearing Corporation and said current activity remains 'small and incremental.' Over time, he added, the technology could support greater efficiency, process automation, lower costs, reduced friction, and improved liquidity.
Wells Fargo reported operational progress using its proprietary blockchain platform. The bank launched tokenized deposits for corporate and commercial clients in September 2026. CFO Michael Santomassimo said payments using the rail are already in production, with funds moving from initiation to a beneficiary account in two minutes or less, though volumes remain small. CEO Charles Scharf described the capability as allowing clients to move money more efficiently around the clock across accounts and borders without changing existing banking relationships. Wells Fargo is also participating in a multi-institution effort expected to issue stablecoins beginning in the first half of 2027.
Morgan Stanley CFO Sharon Yeshaya addressed tokenized equities on the firm’s October 14 call. She said a tokenized environment would make asset movement faster and simpler, potentially increasing demand for advice on which assets to move and how to deploy them. Yeshaya described tokenization as another opportunity in which Morgan Stanley has been investing across its wealth and institutional securities businesses.
The institutional remarks align with research from Citrini Research, whose October 8 report 'Breaking the Wall' projected significant expansion of real-world asset tokenization. The report argued that bringing traditional holdings such as equities, Treasuries, credit, and funds onto blockchain networks supplies a clear purpose for the technology, enabling always-on, programmable financial activity that can integrate with automated agents.
Separately, the zkSync ecosystem amplified comments from Alex Gluchowski on the tokenization supercycle and its appeal to banks. The Layer 2 project said financial institutions are evaluating blockchain for enhanced asset management, and that the trend could increase adoption of zkSync technologies as banks seek scalable, low-cost transaction rails.
