TLDR
- Morgan Stanley’s Amy Oldenburg says tokenized real-world assets will reach $3 trillion to $10 trillion by 2030.
- The bank now expects to support tokenized equities on its trading system in Q1 2027, later than the second half of 2026 target.
- Oldenburg says client demand is limited because tokenized products do not yet exist.
- DTCC plans to launch its tokenization service at the end of October.
- Citi found 77% of financial institutions expect to use tokenized collateral in 2026.
Morgan Stanley’s head of digital asset strategy says tokenized real-world assets will grow to between $3 trillion and $10 trillion by 2030. Amy Oldenburg made the comment in interviews at TOKEN2049. She said the bank will “definitely be within that range without question.”
JUST IN: Morgan Stanley says the tokenized assets market will become a $3 trillion to $10 trillion market by 2030.
— Watcher.Guru (@WatcherGuru) October 12, 2026
The bank has also moved back its timeline for tokenized stock trading. It now expects to support tokenized equities in the first quarter of 2027. In March, Oldenburg had pointed to the second half of 2026.
Why the timeline moved
Oldenburg said the bank needs products before it can support them on its alternative trading system. Client demand is limited partly because those products do not exist yet.
“So we just need a little more time to pass,” she said.
The bank’s team is building the needed infrastructure. Oldenburg described the plan as an extension of work Morgan Stanley already does in equities, derivatives and swaps. Clients may hold investments in both traditional and blockchain-based formats.
She named private shares, structured notes, custom products and private fund access as near-term areas. Blockchain could cut paperwork and administrative work in those markets. She also said tokenized holdings could be used as collateral once more assets are available.
Oldenburg said institutional interest has grown over the past year. She described a lot of announcements and said financial institutions worry about missing out.
Market developments the bank is watching
Oldenburg pointed to the planned launch of DTCC’s tokenization service at the end of October. She also named the GENIUS Act, which takes effect in January. She said the Clarity bill did not pass, and that some parts of it still need to be tightened for traditional firms.
Citi released related research on September 24, prepared with The ValueExchange. It found that 77% of financial institutions expect to use some form of tokenized collateral in 2026. Large institutions manage about $74 billion in collateral each day across roughly 65 custody locations.
Citi estimated that about 25% of collateral can sit idle or serve as an extra buffer. That contributes to about $346 million in lost income each year for large firms. About 60% of global margin is held in cash that earns no yield.
DTCC said in a July 15 announcement that more than 30 firms took part in production transactions. These covered securities lending, collateral pledges, equity transfers and U.S. Treasury repurchase agreements. The tests ran on its private Besu network and the public Canton Network.
DTCC said tokenized assets would keep the ownership rights and investor protections of their traditional versions. The service follows a December 2025 SEC no-action letter.
Lab and trust bank plans
Morgan Stanley has set up a Digital Asset Lab to test tokenized deposits, digital currencies, money-market funds and decentralized finance vaults. Oldenburg said the lab lets the firm study risks before anything moves into production. The bank is also building its own wallet infrastructure for customers.
On June 18, the OCC gave preliminary conditional approval for Morgan Stanley Digital Trust, a proposed national trust bank. It would handle digital asset custody, fiduciary staking and collateral administration. The trust must hold at least $50 million in tier 1 capital.
On September 2, HashKey said it joined DTCC’s working group as its first Asian digital asset provider. JPMorgan Chase, Goldman Sachs, Nasdaq and the New York Stock Exchange are among the participants. DTCC’s service is due to launch at the end of this month.
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