A cross-border transfer cut to 2 minutes—but three Wall Street giants all say the business is still very small
🚨 行情变了群里说
On this week’s U.S. banks’ third-quarter earnings calls, executives from Goldman Sachs, Wells Fargo, and Morgan Stanley all weighed in on tokenization. Goldman CEO David Solomon compared it to electronic trading replacing human-run trading desks 50 years ago. Wells Fargo CFO Mike Santomassimo was more direct: tokenized deposits are already in production, with cross-border transfers arriving in under two minutes. But not one of the three banks shared revenue figures. That’s the part worth thinking about most 🦖
First, the facts. Goldman launched its own tokenization platform, GS DAP, back in 2022. In July this year, it also took part in a half-day tokenized trading test run by the U.S. Depository Trust & Clearing Corporation (DTCC), a clearinghouse that processes transaction volumes worth quadrillions of dollars a year. Solomon acknowledged that the business is currently very small—only a marginal part of the business. Wells Fargo’s tokenized deposits are genuinely in operation, but volumes are also very small. Without an extensive overseas branch network, the bank hopes to use tokenized deposits to compete for cross-border payments. Morgan Stanley’s take is more interesting: the faster and easier assets can move, the more clients need financial advice 📈
Here’s what that means: the three big banks aren’t here to disrupt themselves. They’re redefining tokenization. Wall Street once saw on-chain assets as a threat; now it sees them as new products, new customers, and new distribution channels. Goldman’s example of electronic trading from 50 years ago makes the point: back then, no one believed computers would replace trading desks. In the end, though, the trading business grew. But we should also be clear about the other side: none of the banks shared revenue figures. That suggests this is still an investment phase, not a harvest. For on-chain native projects, the real competition isn’t the technology—it’s the compliant customer base and clearing channels these banks already have 💥
More important still is the pace. Wells Fargo’s two-minute cross-border payments are already live. Morgan Stanley is focused on wealth management; Goldman is focused on trading. The fact that all three paths are moving forward at once suggests tokenization is shifting from pilot projects to infrastructure. Once clearing and custody are running smoothly, putting assets on-chain will no longer be just a concept—it’ll be the default option ⚖️
What do you think this wave of tokenization means: will Wall Street absorb the on-chain world, or will the on-chain world transform Wall Street? Let’s talk in the comments.
Tap the profile picture to watch the livestream.
Every day, we bring you the latest in crypto—not just what’s happening, but the logic and opportunities behind it 👀🚀
🚨 行情变了群里说
On this week’s U.S. banks’ third-quarter earnings calls, executives from Goldman Sachs, Wells Fargo, and Morgan Stanley all weighed in on tokenization. Goldman CEO David Solomon compared it to electronic trading replacing human-run trading desks 50 years ago. Wells Fargo CFO Mike Santomassimo was more direct: tokenized deposits are already in production, with cross-border transfers arriving in under two minutes. But not one of the three banks shared revenue figures. That’s the part worth thinking about most 🦖
First, the facts. Goldman launched its own tokenization platform, GS DAP, back in 2022. In July this year, it also took part in a half-day tokenized trading test run by the U.S. Depository Trust & Clearing Corporation (DTCC), a clearinghouse that processes transaction volumes worth quadrillions of dollars a year. Solomon acknowledged that the business is currently very small—only a marginal part of the business. Wells Fargo’s tokenized deposits are genuinely in operation, but volumes are also very small. Without an extensive overseas branch network, the bank hopes to use tokenized deposits to compete for cross-border payments. Morgan Stanley’s take is more interesting: the faster and easier assets can move, the more clients need financial advice 📈
Here’s what that means: the three big banks aren’t here to disrupt themselves. They’re redefining tokenization. Wall Street once saw on-chain assets as a threat; now it sees them as new products, new customers, and new distribution channels. Goldman’s example of electronic trading from 50 years ago makes the point: back then, no one believed computers would replace trading desks. In the end, though, the trading business grew. But we should also be clear about the other side: none of the banks shared revenue figures. That suggests this is still an investment phase, not a harvest. For on-chain native projects, the real competition isn’t the technology—it’s the compliant customer base and clearing channels these banks already have 💥
More important still is the pace. Wells Fargo’s two-minute cross-border payments are already live. Morgan Stanley is focused on wealth management; Goldman is focused on trading. The fact that all three paths are moving forward at once suggests tokenization is shifting from pilot projects to infrastructure. Once clearing and custody are running smoothly, putting assets on-chain will no longer be just a concept—it’ll be the default option ⚖️
What do you think this wave of tokenization means: will Wall Street absorb the on-chain world, or will the on-chain world transform Wall Street? Let’s talk in the comments.
Tap the profile picture to watch the livestream.
Every day, we bring you the latest in crypto—not just what’s happening, but the logic and opportunities behind it 👀🚀