RWA tokenization grows around 2.35x to $36.07 billion: Wall Street’s three major banks discuss tokenization during earnings season
A rare signal emerged on Wall Street during earnings season this week: executives at Goldman Sachs, Wells Fargo, and Morgan Stanley all presented “tokenization” as a growth story on their respective Q3 earnings calls.
A few figures are worth noting:
1. Scale. Chainalysis data shows that the market for tokenized real-world assets (RWA) grew by around 135% to $36.07 billion (as cited in Coinpasar’s weekly report for October 18). That means the market has grown by about 2.35x.
2. Goldman Sachs. On the Q3 earnings call on October 13, CEO David Solomon was asked whether tokenization, DeFi, and prediction markets would eat into its trading business. His answer was the opposite: they would bring more products, more clients, and broader distribution channels. He compared the current moment to the advent of electronic trading nearly 50 years ago—back then, people also worried that trading desks would be replaced, but Goldman’s equities business only got bigger. Goldman’s tokenization platform, GS DAP, launched back in 2022, and the bank also took part in testing DTCC’s tokenization services in July. Solomon did acknowledge, however: “The business is still very small at this point, and on the periphery.”
3. Wells Fargo and Morgan Stanley. Wells Fargo’s CFO said its tokenized deposit system “is already in production,” with cross-border funds arriving in under two minutes. Morgan Stanley’s logic is that tokenization makes asset transfers faster and cheaper, which means clients need wealth management advice even more. Notably, none of the three banks offered any revenue forecasts—suggesting this is still a race to establish a position, not a profit story.
4. Stablecoins. Circle is targeting around 40 emerging markets (Southeast Asia, Latin America, and the Middle East). Bernstein data shows that in 2026, USDC’s share of adjusted stablecoin transaction volume has exceeded 60%.
Wall Street’s messaging has shifted from “Will blockchain disrupt us?” to “How much new business can tokenization bring us?”
$BTC
#RWA #代币化 #Stablecoins
Just my personal opinion; not investment advice
A rare signal emerged on Wall Street during earnings season this week: executives at Goldman Sachs, Wells Fargo, and Morgan Stanley all presented “tokenization” as a growth story on their respective Q3 earnings calls.
A few figures are worth noting:
1. Scale. Chainalysis data shows that the market for tokenized real-world assets (RWA) grew by around 135% to $36.07 billion (as cited in Coinpasar’s weekly report for October 18). That means the market has grown by about 2.35x.
2. Goldman Sachs. On the Q3 earnings call on October 13, CEO David Solomon was asked whether tokenization, DeFi, and prediction markets would eat into its trading business. His answer was the opposite: they would bring more products, more clients, and broader distribution channels. He compared the current moment to the advent of electronic trading nearly 50 years ago—back then, people also worried that trading desks would be replaced, but Goldman’s equities business only got bigger. Goldman’s tokenization platform, GS DAP, launched back in 2022, and the bank also took part in testing DTCC’s tokenization services in July. Solomon did acknowledge, however: “The business is still very small at this point, and on the periphery.”
3. Wells Fargo and Morgan Stanley. Wells Fargo’s CFO said its tokenized deposit system “is already in production,” with cross-border funds arriving in under two minutes. Morgan Stanley’s logic is that tokenization makes asset transfers faster and cheaper, which means clients need wealth management advice even more. Notably, none of the three banks offered any revenue forecasts—suggesting this is still a race to establish a position, not a profit story.
4. Stablecoins. Circle is targeting around 40 emerging markets (Southeast Asia, Latin America, and the Middle East). Bernstein data shows that in 2026, USDC’s share of adjusted stablecoin transaction volume has exceeded 60%.
Wall Street’s messaging has shifted from “Will blockchain disrupt us?” to “How much new business can tokenization bring us?”
$BTC
#RWA #代币化 #Stablecoins
Just my personal opinion; not investment advice