Morgan Stanley said it has tokenized U.S. equities and government debt via a DTCC service that went live October 28, making it one of the first banks to tokenize real-world assets on the DTCC Tokenization Service. Executive Amy Oldenburg said the hands-on work will shape the firm's future digital asset plans. Tokens are created from securities held at the Depository Trust Company, each matched one-for-one with a custodied security and carrying matching legal rights. The platform operates under an SEC no-action letter and is limited to Treasuries, Russell 1000 stocks and index-tracking ETFs. Twenty DTC participants have signed agreements, and the firm's tokenized U.S. stock trading target has moved from second-half 2026 to the first three months of 2027.
Why it matters: It shows major banks testing tokenized U.S. securities within established DTCC infrastructure, under narrow SEC relief limited to certain asset types.
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