Morgan Stanley said on Tuesday it has tokenized US stocks and Treasuries through a Depository Trust & Clearing Corporation (DTCC) service that went live on October 28.
The bank is now among the first ones 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 turns 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 asset behind it.
The platform runs under a no-action letter that Securities and Exchange Commission (SEC) staff gave DTC in December 2025, which limits the service to US Treasuries, Russell 1000 stocks and ETFs that track major indices. DTCC then ran production trades with tokenized securities on July 15 with more than 30 firms.
By the October launch, 20 DTC participants, the depository’s clients, had signed agreements to use the service. Those participants include Morgan Stanley, J.P. Morgan, Citi, Bank of America and UBS.
Two blockchains carry the tokens today, 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 put it in the first quarter of 2027.
Likewise, she said the trading system needs tokenized products before it can support them, and client demand is not there yet because those products do not exist, though she expects tokenized real-world assets to reach $3 trillion to $10 trillion by 2030.
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