Midnight ignites a frenzy! A tokenization showdown between the four major banks: Morgan “blesses” with 1 trillion, Goldman covers the full range of categories—could this be retail investors’ last chance to buy the dip?

Today, let's talk about the real state of the institutional tokenization track. Four top banks—JPMorgan Chase, Goldman Sachs, HSBC, and BNY Mellon—have taken four completely different paths. Don’t be fooled by those flashy PowerPoint presentations; we’ll focus only on four key indicators: transaction volume, product breadth, compliance qualifications, and infrastructure models.

First, look at transaction volume. JPMorgan’s Kinexys system has surpassed $1 trillion in total cleared amount, mainly focusing on tokenized collateral management and intraday repurchase settlement. Pay attention to this number—$1 trillion is a watershed; crossing this threshold means regulators and institutional asset managers will treat this system as a mature commercial tool rather than an experimental product. JPMorgan’s approach is refined, focusing solely on three scenarios: JPM Coin cash settlement, collateral management, and repurchase clearing. But it has clear shortcomings—Kinexys is a private, closed network accessible only to JPMorgan’s own institutional clients; counterparties not working with JPMorgan can’t access it at all.

Goldman Sachs’s product diversity is the leading edge among the four. Goldman’s Digital Asset Platform (GS DAP) has already helped European investment banks, the Hong Kong Monetary Authority, and other sovereign institutions issue tokenized bonds. It has also promoted tokenized money market funds for corporate treasury management and is a founding member of the Canton Network. Goldman’s client structure requires it to cover multiple categories—sovereign bond issuers, corporate treasuries, asset managers—so it serves all. However, Goldman has not disclosed public trading volume data, so that information is missing.

HSBC differentiates itself with the Orion platform, mainly targeting cross-border tokenized securities and sustainable finance. In November 2023, it launched a tokenized gold product backed by physical gold stored in London; in March 2024, it expanded into the retail market in Hong Kong. In February 2024 and November 2025, Orion helped the Hong Kong Monetary Authority issue the world’s largest digital green bonds. HSBC’s killer feature is its global network—deeply rooted in Asia, the Middle East, and emerging markets, where digital asset regulation is rapidly improving. JPMorgan and Goldman Sachs have less penetration in these regions.

BNY Mellon’s positioning is entirely different. As the world’s largest custodian bank, it does not issue tokenized products but provides underlying custody services for the other three banks’ transactions. When Goldman issues bonds, BNY Mellon provides custody; any institution’s compliant accounts holding tokenized assets rely on it. Its clear shortcoming is that it doesn’t proactively develop products or front-end business scale.

A horizontal comparison across the four dimensions: JPMorgan dominates in transaction volume; Goldman Sachs outperforms in product breadth; all four have proactively engaged in compliance—JPMorgan and Goldman Sachs have the closest communication with regulators worldwide, while HSBC benefits from its Hong Kong location; in terms of infrastructure models, JPMorgan builds its own closed private network, Goldman Sachs operates dual lines (own platform + shared network), and HSBC and BNY Mellon mainly join shared networks.

What is the most critical discovery? This market will not converge into a single infrastructure. Multiple routes run in parallel, each matching different clients. But parallel routes mean fragmentation risk—if each blockchain becomes an isolated island with insufficient interoperability, the efficiency gains from blockchain will be limited to a single bank’s ecosystem. The future level of fragmentation depends on two variables: the progress of Canton’s interoperability standards with other networks, and the speed at which unified regulatory frameworks for tokenized securities are established in various countries. My judgment is that over the next 5 to 10 years, institutional networks will gradually improve interoperability, but the cycle will be long and uncertain.

Four banks, four paths. JPMorgan leads in transaction volume, Goldman Sachs has the most comprehensive product matrix, HSBC’s global positioning is unique, and BNY Mellon dominates underlying custody. Who will build the strongest barriers in ten years? Let’s watch and see.

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