Digital Assets and the Future of Wholesale Banking

The report examines the 2030 outlook for Wholesale Banking as it migrates to digital rails, driven by tokenization and evolving regulations like the US CLARITY Act. While digital assets won't likely break the banking model, they will reshape economics, specifically risking up to 11% of revenue to migration.

Key Takeaways

• 1.Digital Assets are unlikely to disrupt the fundamental wholesale banking model but will migrate economics to 'digital rails' by 2030, particularly in cross-border payments and liquidity management.
• 2.Tokenization is transitioning from concept to implementation, catalyzed by 2025/2026 US legislation (GENIUS and CLARITY Acts) and market demand for 24/7 settlement.
• 3.Migration of revenues to digital rails poses a risk to $21-82 billion of wholesale banking revenue (3-11% of the 2030 wallet), specifically in high-friction areas like FX and treasury services.

Table of Contents

• Digital Assets: Why Now?
• Elevator Pitch: Our Blue Paper in 8 Charts
• Section 1. Executive Summary
• Section 2. State of Wholesale Banking Today
• Section 3. Impact of Digital Assets on Wholesale Banking
• Section 4. Strategic Response
• Stock Picks: Ways to Play
• Global Corporate & Investment Banks
• US Banks: Accelerating Toward 24x7 Markets with Digital Rails
• European Banks: Can the Wholesale Digital Euro Prompt the Development of Tokenized Capital Markets in Europe?
• Exchanges and Market Infrastructure: Investment Implications
• The Stablecoin Angle
• Brazil Financials: Incumbents Are Leading & Poised to Win
• APAC Banks — Wholesale Banking Trends Remain Structurally Positive
• APAC Banks Tokenization — Ready, but Cautious

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