Goldman, Wells Fargo, Morgan Stanley see tokenization as a growth play, not a threat

Wells Fargo, meanwhile, 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.

The bigger opportunity for Wells Fargo may be geographic. Unlike some of its global rivals, the bank doesn't have a large international branch network. Santomassimo said tokenized deposits could help it win more cross-border payments business without having to build that network.

The bank also sees other possible uses for the technology, including tokenized securities, real-world assets and crypto trading for wealth clients. Santomassimo did not say when those services might become available.

For Morgan Stanley, the emphasis is less on moving money and more on what happens when investors can move assets with fewer delays.

While the technology could make it faster and easier to transfer investments, that doesn't mean clients will stop needing advice, CFO Sharon Yeshaya said .

"The tokenized world means it is faster and easier to move assets around, and you will need advice," she said.

Morgan Stanley has been investing in digital capabilities across its wealth management and institutional securities businesses. Yeshaya did not announce a new product, simply identifying tokenization as another opportunity for the firm.