Morgan Stanley said on Tuesday that it has tokenized US stocks and Treasuries through a Depository Trust & Clearing Corporation (DTCC) service that went live on October 28.
The bank is among the first to tokenize real-world assets following the launch of the DTCC Tokenization Service (DTS).
“The hands-on experience of integrating tokenized securities with established market infrastructure will inform the continued development of the firm’s digital asset capabilities as the market evolves,” said Amy Oldenburg, Head of Digital Assets Strategy at Morgan Stanley.
Launch Opens With 34 Securities
DTS converts securities held at DTCC’s Depository Trust Company (DTC) into tokens, each backed one-to-one by a security in custody. Each token carries the same legal rights and protections as the underlying asset.
The platform operates under a no-action letter that Securities and Exchange Commission (SEC) staff granted DTC in December 2025, limiting the service to US Treasuries, Russell 1000 stocks, and ETFs tracking major indices. DTCC previously ran production trades with tokenized securities on July 15 with more than 30 firms.
By the October launch, 20 DTC participants had signed agreements to use the service, including Morgan Stanley, J.P. Morgan, Citi, Bank of America, and UBS.
Two blockchains currently carry the tokens: Canton Network and DTCC’s private Besu network. The platform plans to add the Stellar blockchain in 2027, with Circle’s Arc due the same year.
Tokenized Stock Trading Moves to 2027
In March, Oldenburg said Morgan Stanley would support tokenized versions of US stocks on its alternative trading system in the second half of 2026. That target moved in October, when she placed it in the first quarter of 2027.
Oldenburg said the trading system needs tokenized products before it can support them, and client demand is not yet present because those products do not exist. She expects tokenized real-world assets to reach $3 trillion to $10 trillion by 2030.
