Morgan Stanley's head of digital asset strategy Amy Oldenburg has backed expectations for a $3 trillion–$10 trillion tokenized asset market by 2030, according to her comments at the TOKEN2049 conference. As reported by crypto.news, Oldenburg stated with confidence that "we'll definitely be within that range without question." The forecast covers tokenized real-world assets including private shares, structured notes, and investment funds, where blockchain technology can reduce paperwork and simplify administrative tasks. Oldenburg identified these areas as having significant potential for blockchain-based systems to streamline processes. However, current market figures are significantly below expectations, with tokenized real-world assets totaling approximately $38.63 billion as of October 1, according to RWA.xyz, requiring nearly 259-fold growth to reach the high forecast of $10 trillion.
Morgan Stanley has moved its expected tokenized equity trading support to Q1 2027, according to Oldenburg's latest comments to TheBlock. This represents a shift from the previous second half of 2026 target announced in March. The bank plans to support tokenized equities through its alternative trading system (ATS), with Oldenburg explaining that product supply remains a constraint as customers need suitable securities before the bank can support them on its venue. She noted that client demand remains limited partly because the products do not yet exist, though institutional interest has accelerated alongside growing announcements over the past year. Recent developments show increased availability, with platforms like xStocks expanding access to traditional financial instruments through more than 1,100 tokenized equities. The bank is also building proprietary wallet technology designed to simplify how customers hold tokenized assets without managing blockchain infrastructure themselves.
Separate research from Citi points to significant demand for tokenization in financing and margin operations, with 77% of financial institutions expected to use tokenized collateral during 2026. According to crypto.news, Citi's September 24 report examined tokenized cash, money-market funds, government bonds, and other assets used to meet financing obligations. The research found that large institutions manage an average of roughly $74 billion in collateral daily across around 65 custody locations, with about 25% of collateral remaining unremunerated or posted as additional buffer due to existing system limitations. At an individual institution, idle collateral can reach approximately $15 billion, contributing to an estimated $346 million in annual lost income for large firms. Financial institutions are increasingly looking at tokenized securities as collateral for lending and trading operations.
Morgan Stanley is entering an increasingly competitive tokenization market as competitors accelerate their offerings. On October 8, Securitize launched blockchain-based trading for 12 major U.S. stocks, including Apple, Microsoft, and Nvidia, giving eligible investors access to tokenized shares backed by actual equities. Meanwhile, DTCC is preparing a broader tokenization service rollout, building on its work with more than 50 financial institutions and attracting participation from major players like BlackRock and JPMorgan. According to TheBlock, Morgan Stanley's October research commentary established a $2.3 trillion base case, primarily driven by collateral mobility, tokenized Treasuries and institutional liquidity management. The bank's Digital Asset Lab is testing emerging blockchain technologies before they move into production, allowing Morgan Stanley to support clients holding traditional securities alongside blockchain-based investments.
Within Morgan Stanley, blockchain research is conducted through a recently established Digital Asset Lab, with plans including tests involving tokenized deposits, digital currencies, money-market funds, and decentralized finance vaults. According to crypto.news, Megan Brewer, who leads market innovation and labs at Morgan Stanley, confirmed that employees can examine blockchain applications without testing them on the bank's core systems. The bank is also developing proprietary wallet infrastructure for customers holding tokenized assets and financial products. On the regulatory front, the Office of the Comptroller of the Currency granted preliminary conditional approval on June 18 for Morgan Stanley Digital Trust, a proposed national trust bank in Purchase, New York, with requirements including maintaining at least $50 million in tier 1 capital and separate liquid-asset reserves covering 180 days of operating expenses. Oldenburg believes institutional adoption will be the key growth driver for tokenized financial assets over the next few years.
