On their third-quarter earnings calls, executives at Goldman Sachs, Wells Fargo and Morgan Stanley described tokenization as an opportunity rather than a threat. Goldman CEO David Solomon compared it to the shift to electronic trading, while noting that activity is still small. Wells Fargo said cross-border payments using tokenized deposits now settle in up to two minutes, in production but with small volumes. Morgan Stanley said the trend is increasing demand for advisory services.
What it means: When the largest US banks talk about tokenization in quarterly investor updates, the topic has moved from innovation labs into strategy. The shared message is that banks do not fear being bypassed by blockchains; they intend to be the providers of these services themselves, from issuance and custody to settlement and advice. Wells Fargo's mention of live tokenized deposit payments is the most concrete point, even at small volumes. The comparison with electronic trading suggests a gradual change rather than a sudden one. In Europe, the same debate is advancing through the DLT Pilot Regime, ECB trials of settlement in central bank money and plans for a savings and investments union. For Greek banks and the Athens Exchange, now part of the Euronext group, the question is how quickly tokenized products such as bonds or fund units will appear. Investors should separate announcements from actual activity. The banks themselves admit that volumes remain limited, so the revenue impact will take time to show.
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