Goldman Sachs, Wells Fargo and Morgan Stanley are expanding their focus on asset tokenization, identifying opportunities across trading, payments and wealth management as blockchain-based financial infrastructure gains institutional attention. The developments were highlighted in the banks’ third-quarter 2026 earnings discussions, where executives outlined how tokenization could support existing financial services and create additional business opportunities. One indicator drawing attention to the sector is a 1,618% increase in the number of wallets lending tokenized private credit during Chainalysis’s 2026 reporting period. The figure contrasts with a 23% contraction in Treasury lending activity during the same period. The difference suggests that tokenization may offer particular value for investors holding assets that are difficult to sell but could be used as collateral to access liquidity. However, the reported growth measures the number of wallets rather than the dollar value of lending, the number of individual investors or revenue generated by banks. The three institutions have also described their current tokenization-related activities as relatively small, indicating that the technology remains an emerging business opportunity rather than a major contributor to earnings.
Private credit is one area where tokenization could address an existing financial market challenge. Investors holding private credit positions may receive income from their investments but can face difficulties selling those holdings quickly when they need liquidity. Tokenization can create another option by representing these assets digitally on blockchain infrastructure and allowing eligible holdings to be used as collateral for borrowing. According to the Chainalysis figures cited in the report, private credit accounted for 77% of the value lent against tokenized real-world assets during the reporting period. Treasury holders, meanwhile, already have access to established financing channels in conventional markets. This difference helps explain why tokenization could be useful for asset classes where traditional liquidity options are more limited. The growth in lending wallets points to increasing activity around collateral-based financing, although it does not establish that the three banks were responsible for the increase. The wider commercial opportunity lies in infrastructure that allows investors to use existing holdings for additional financial purposes without necessarily selling those assets or creating an active secondary market.
Wells Fargo has provided one of the clearest examples of tokenization moving into operational banking services. Chief Financial Officer Michael Santomassimo said the bank’s tokenized-deposit payment service was already in production, with beneficiary accounts receiving funds within two minutes compared with processes that previously took one or two days. He acknowledged that transaction volumes remained small. The bank launched the service in August using its proprietary blockchain platform, initially supporting a limited US dollar-to-pound corridor, with plans to extend the service to additional customers, countries and currencies during 2027. Eligible clients do not need to use a separate interface because payments can automatically use tokenized deposits. The initiative could help Wells Fargo expand its international payments business without having to build an overseas branch network comparable to those of larger global competitors. Goldman Sachs, meanwhile, sees tokenization as an opportunity to expand trading activity and distribution. Chief Executive David Solomon compared the development with the earlier transition to electronic equities trading, which eventually created new opportunities for financial institutions. Goldman has developed its GS DAP platform and worked on tokenized bonds, money market funds and real estate, while also participating in the Depository Trust and Clearing Corporation’s tokenization initiative. Solomon nevertheless described current activity as small and marginal to the bank’s business.
Morgan Stanley is examining tokenization from a wealth management perspective, focusing on how easier movement of financial assets could increase demand for investment advice. Chief Financial Officer Sharon Yeshaya said that although tokenization could make assets faster and easier to transfer, clients would continue to need guidance on managing their investments. The bank’s researchers have outlined a base-case forecast of a $2.3 trillion tokenized-asset market by 2030, identifying collateral mobility and treasury management as important areas of development. Taken together, the approaches of Goldman Sachs, Wells Fargo and Morgan Stanley demonstrate that major financial institutions are exploring tokenization through their existing business models rather than treating it solely as a cryptocurrency development. The technology could support faster money transfers, more flexible collateral arrangements, expanded trading products and additional wealth management services. However, the next stage will depend on whether these applications generate sustained transaction volumes, customer demand and recurring revenue. While the growth in tokenized private credit lending offers an indication of emerging demand, the banks will still need to demonstrate how blockchain-based infrastructure can translate into commercially significant business.
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