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Morgan Stanley says it is among the first banks to tokenize U.S. stocks and Treasuries through DTCC's new service
Summary
Morgan Stanley said in a post on X that it has tokenized U.S. equities and Treasuries through the Depository Trust & Clearing Corporation's new Tokenization Service, making it among the first banks to do so, CoinDesk and The Block reported.
DTCC's service, which went live Oct. 28, has its Depository Trust Company mint tokens representing securities it already holds; DTCC says the tokens keep the originals' ownership rights and investor protections, and users can swap between the two forms, CoinDesk reported.
Twenty firms signed up at launch, including JPMorgan, Citi, Bank of America and Fidelity, both outlets reported.
The Block said Morgan Stanley separately expects to support tokenized equities on its alternative trading system in the first quarter of 2027, later than its earlier target of the second half of 2026.
Key facts
- "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, Morgan Stanley's head of digital assets strategy.
- The service runs on the Canton Network and DTCC's private Besu blockchain, with more planned for 2027, and covers Russell 1000 stocks, major index ETFs and Treasuries, CoinDesk reported.
- DTC holds $114 trillion in assets under custody, and DTCC said the service was developed with input from more than 150 firms.
- The SEC cleared the project in a December 2025 no-action letter.