Morgan Stanley & Oliver Wyman Research Hub

The collaborative research from Morgan Stanley and Oliver Wyman signals a pivotal transition in wholesale banking as digital infrastructure moves from theoretical framework to practical implementation. The analysis suggests that while standalone cryptocurrency asset classes remain marginal, capturing approximately 1% of the 2030 revenue pool, the systemic migration of traditional banking services to digital rails is poised to drive multi-billion dollar shifts. Key functional areas identified for this transformation include cross-border payments, collateral management, and treasury operations, all of which are increasingly reliant on distributed ledger technology and tokenization. Emerging US legislative frameworks and the industry-wide move toward 24/7 market operations serve as primary catalysts for this institutional evolution. By tracking the early progress of financial leaders such as JPM, Citi, and HSBC, the research underscores a broader move toward digitized wholesale platforms. Ultimately, the partnership highlights that the true strategic value for banks lies not in crypto-assets themselves, but in the efficiency gains and modernized infrastructure provided by blockchain-enabled digital rails.