TheBlock
Morgan Stanley has begun using the Depository Trust & Clearing Corporation’s new tokenization infrastructure, putting US equities and Treasurys on the service. The bank is among the first institutions to access the platform, which launched last week with 20 participants. DTCC says more users will join on a rolling basis.
Why it matters
The rollout brings tokenized securities into established market infrastructure rather than limiting them to standalone blockchain platforms. DTCC’s depository subsidiary, DTC, holds $114 trillion in assets under custody. The service was developed with input from more than 150 firms and initially supports Canton and DTCC’s private Besu network.
Morgan Stanley digital assets strategy head Amy Oldenburg said integrating tokenized securities with existing market infrastructure will inform the firm’s digital asset capabilities as the market evolves. Other launch participants include Bank of America, Barclays, BNP Paribas, Citi, Fidelity Investments, JPMorgan, State Street and UBS.
Market impact
Morgan Stanley expects to support tokenized equities on its alternative trading system in Q1 2027, later than its previous H2 2026 target. The bank has said it is building the infrastructure needed for that initiative, while the New York Stock Exchange and parent Intercontinental Exchange are also advancing plans for a tokenized trading platform.
Broadridge, Computershare, Equiniti and Superstate have signed agreements to serve as transfer agents. The expanding roster shows that tokenization efforts are developing across multiple layers of securities trading and administration, with established financial institutions testing how digital assets can fit into existing market systems.
Frequently asked questions
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What assets has Morgan Stanley tokenized through DTCC’s service?
Morgan Stanley said it has tokenized US equities and Treasurys through DTCC’s new tokenization infrastructure.
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How many institutions joined DTCC’s service at launch?
DTCC signed 20 participants to access the service at launch, with additional users expected to join on a rolling basis.
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What blockchain networks does the service initially support?
The service initially supports Canton and DTCC’s private Besu network.
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When does Morgan Stanley expect to support tokenized equities on its trading system?
Morgan Stanley expects to support tokenized equities on its alternative trading system in Q1 2027, later than its previous H2 2026 target.
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Which other firms are advancing tokenized securities infrastructure?
The NYSE and parent Intercontinental Exchange are developing a tokenized trading platform. Broadridge, Computershare, Equiniti and Superstate have signed agreements to serve as transfer agents.
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