Mid-October, Goldman Sachs, Wells Fargo, and Morgan Stanley successively made strategic-level statements on tokenisation during their Q3 earnings calls, marking a shift in how major Wall Street financial institutions view RWA and asset tokenisation—from "technical pilots" to "business growth engines."

Goldman Sachs CEO David Solomon explicitly described tokenisation as "a significant trend across asset classes," believing it can bring more products, clients, and distribution channels to banks rather than merely threatening traditional businesses. It was disclosed that Goldman Sachs has already tokenised bonds, several money market funds, and certain client real estate assets, and is participating in the Depository Trust & Clearing Corporation (DTCC)'s tokenisation services through its proprietary blockchain platform, GS DAP. Goldman Sachs also expressed support for the passage of the CLARITY Act, believing that clear regulatory rules are conducive to healthy market development.

Wells Fargo's progress is more concrete: the bank has actually used tokenised deposits to process cross-border payments, with funds reaching the recipient's account within two minutes. It is currently exploring tokenised securities, RWA, and crypto trading services for wealth management clients. Morgan Stanley's judgment leans towards client-side logic—tokenisation can accelerate and simplify asset transfers, but high-net-worth clients still require professional investment advice, and tokenisation may actually increase advisory demand.

It is worth noting that none of the three banks provided specific revenue expectations related to tokenisation, indicating that Wall Street's strategic investment in tokenisation is forward-looking and infrastructure-oriented, rather than driven by short-term profit.

Rhett Insight: The simultaneous inclusion of tokenisation in the growth strategies of these three major banks signifies an accelerating "institutional inflection point" for RWA. For brand asset owners and RWA project teams, Wall Street's entry will bring both more mature liquidity infrastructure and stricter compliance standards—completing compliance architecture and institutional-grade asset packaging capabilities in advance will be the core competitiveness in the next stage.