# Goldman Sachs, Wells Fargo and Morgan Stanley Cast Tokenization as Growth, Not Threat, on Q3 Calls

> Goldman Sachs CEO David Solomon told Q3 analysts tokenization could expand trading activity, as Wells Fargo and Morgan Stanley also framed the technology.

- Published: 2026-10-17T18:39:37+00:00
- Section: Earnings & Results
- Author: News Desk
- URL: https://newsforagent.com/news/2026-10-17/goldman-sachs-tokenization-q3-earnings
- Source: [The future of trading](https://capital.com/en-int/news/goldman-wells-fargo-morgan-stanley-see-tokenization-as-a-growth)

## Key takeaways

- Goldman Sachs CEO David Solomon said tokenization could create more products, greater activity, new clients and broader distribution channels.
- Wells Fargo CFO Michael Santomassimo said tokenized deposits are in production for cross-border payments, with money reaching beneficiary accounts in two minutes or less.
- Morgan Stanley CFO Sharon Yeshaya said the tokenized world makes moving assets faster and easier, and clients will still need advice.

[Goldman Sachs](https://akta.pro/company-profiles/00000by/goldman-sachs), [Wells Fargo](https://akta.pro/company-profiles/00000rt/wells-fargo) and [Morgan Stanley](https://akta.pro/company-profiles/00000ar/morgan-stanley) executives used their third-quarter earnings calls to describe tokenization as a growth opportunity rather than a threat to their businesses, with Goldman CEO David Solomon saying it could expand trading activity. [The future of trading](https://capital.com/en-int/news/goldman-wells-fargo-morgan-stanley-see-tokenization-as-a-growth) reported the executives' comments, none of whom put a revenue figure on the opportunity.

## Solomon's Case for Tokenized Trading at Goldman Sachs

Solomon was asked whether tokenization, decentralized finance and prediction markets could eat into Goldman's trading revenue. He said they might do the opposite, pointing to the shift toward electronic stock trading almost 50 years ago, which raised similar concerns about Wall Street's trading desks. Goldman adapted to that change and its equities business grew, he said.

"The developments are obviously creating more products, greater activity, potentially new clients, broader distribution channels," Solomon said on Tuesday's call with analysts. He also said the activity so far is small and at the margin.

Goldman built GS DAP, its own platform for tokenized assets, in 2022 and has worked on tokenizing bonds, money market funds and real estate. In July, the bank participated in a half-day run of a tokenization service from the Depository Trust & Clearing Corporation, which handles much of the plumbing behind U.S. securities markets. Goldman is now looking at ways to use that service on a larger scale, with Solomon saying tokenization could help cut costs, automate transactions and make assets easier to trade.

Morgan Stanley CFO Sharon Yeshaya said the tokenized world means it is faster and easier to move assets around, and clients will still need advice. Morgan Stanley has been investing in digital capabilities across its wealth management and institutional securities businesses, and Yeshaya identified tokenization as another opportunity for the firm without announcing a new product.

## Goldman Sachs' Recent Deal Record

Goldman Sachs completed a $2 billion acquisition of Innovator Capital Management in April 2026, adding $31 billion in assets under supervision and 171 ETFs, according to akta.pro [company records](https://akta.pro/company-data). The same records show the firm became a top-ten global active ETF provider with $90 billion in total ETF assets. Goldman Sachs Asset Management supervises over $3 trillion in assets, and the firm has more than 46,000 employees, the records show.

## Earlier Goldman Sachs Coverage This Month

Goldman Sachs' Alex Finston said credit markets offer opportunities through 2026, highlighting high-quality AI debt and municipal bonds amid low volatility, The Economic Times reported on October 17, 2026. Goldman Sachs and Houlihan Lokey topped GlobalData's year-to-date M&A financial advisers list by value and volume, respectively, with Goldman advising on $687.6 billion in deals, TradingView reported on October 16, 2026. Goldman Sachs and Phoenix Financial announced a strategic partnership to deploy over $4 billion across global private credit opportunities, Alternative Credit Investor reported on October 16, 2026.

## Wells Fargo's Tokenized Deposit Production

Wells Fargo is already processing cross-border payments using tokenized deposits, with money reaching beneficiary accounts in two minutes or less. "This is in production, by the way, and it's small volume so far," CFO Michael Santomassimo said. He said tokenized deposits could help the bank win more cross-border payments business without building a large international branch network, and the bank also sees possible uses in tokenized securities, real-world assets and crypto trading for wealth clients. Santomassimo did not say when those services might become available.

## Companies in this story

- [Goldman Sachs company profile](https://akta.pro/company-profiles/00000by/goldman-sachs) · website: https://www.goldmansachs.com
- [Morgan Stanley company profile](https://akta.pro/company-profiles/00000ar/morgan-stanley) · website: http://www.morganstanley.com
- [Wells Fargo company profile](https://akta.pro/company-profiles/00000rt/wells-fargo) · website: http://www.wellsfargo.com

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