Morgan Stanley says it is among the first firms to tokenise real-world assets through the DTCC Tokenization Service, which went live on 28 October.
The bank said in a post on X on Tuesday, 3 November, that it had converted US stocks and US Treasuries into tokenised form through the service.
Amy Oldenburg, Morgan Stanley’s head of digital assets strategy, said “the hands-on experience of integrating tokenized securities with established market infrastructure” will shape the firm’s future work in digital assets.
Morgan Stanley did not say which individual securities it tokenised, or how much, at the time of writing.
How the service works
The service is run by The Depository Trust Company (DTC), part of The Depository Trust & Clearing Corporation (DTCC). DTC sits behind the settlement of most US securities trades and holds more than $114 trillion in assets in custody.
It converts securities held at DTC into tokenised “digital twins,” and back again. Firms can send the tokens to digital wallets of their choice.
According to DTCC, the tokens carry the same ownership rights, investor protections and economic entitlements as the original securities. The aim is to let firms move collateral and reach new sources of liquidity within minutes.
The service runs on the Canton Network and DTCC’s own private Besu network for now, with more blockchains planned for 2027.
Who has signed up
Twenty DTC participants have signed up so far. Alongside Morgan Stanley, they include Bank of America, Citi, J.P. Morgan, Fidelity Investments, Citadel Securities and UBS. DTCC says it built the service with input from more than 150 firms.
The service is open to eligible institutional firms. It is not a product for retail investors.
The regulatory backing
The Securities and Exchange Commission (SEC) gave DTC a no-action letter in December 2025, allowing it to tokenise Russell 1000 stocks, major index ETFs and US Treasuries.
What happens next
Further details on which assets participants tokenise, and how much, will show how quickly Wall Street’s largest firms move their securities onchain. The addition of more blockchains in 2027 is the next milestone for the service.
