U.S. Banks Outline Tokenization Uses for Payments, Trading and Advice

Goldman Sachs, Wells Fargo and Morgan Stanley are positioning tokenization around existing financial services, with early payment activity and potential uses spanning trading, cross-border transfers and wealth advice. Across their October third-quarter calls, the banks discussed uses tied to businesses they already operate. Wells Fargo has tokenized deposit payments in production, while Goldman Sachs’ activity and Wells Fargo’s payment volume remain small. None of the calls included an estimate of tokenization revenue. Goldman Sachs Chairman and CEO David Solomon described potential benefits as more products, greater client activity, new customers and wider distribution.

Source: TokenPost