Goldman, Wells Fargo, Morgan Stanley See Tokenization as Growth Opportunity

The notable signal is that tokenization has moved from pilot talk to a line item on major bank earnings calls, even without revenue guidance attached. Wells Fargo's live cross-border deposit use and its exploration of tokenized securities and RWA for wealth clients show the build-out is happening at the infrastructure and distribution layers, not just in research. Morgan Stanley's caveat that clients still need advice hints at where the friction sits: product plumbing is advancing faster than client-facing models. Whether tokenization revenue expectations surface in future quarters is the open question.