Goldman Sachs, Wells Fargo, and Morgan Stanley all discussed tokenization during their earnings reports. All three view it as a revenue opportunity, not a threat. Goldman Sachs CEO David Solomon compared it to the stock market’s shift to electronic trading 50 years ago. Wells Fargo has used tokenized deposits to enable international money transfers, with funds reaching the recipient’s account in as little as two minutes. But both Goldman and Wells Fargo made the same point: current volumes are still small. The banks are not resisting tokenization—they want to build it themselves to retain their customers.