Key takeaways
- Morgan Stanley executive backs $3T–$10T tokenization outlook
- Tokenized stock trading support now targets Q1 2027
- Onchain real-world assets currently total approximately $38.6 billion
Amy Oldenburg, Morgan Stanley's Head of Digital Asset Strategy, told TheBlock that the market would reach the $3 trillion-$10 trillion range by 2030. Her comments come as the bank shifts its timeline for supporting tokenized equities from the second half of 2026 to the first quarter of 2027.
The projection signals growing institutional confidence in tokenization, although it exceeds Morgan Stanley Research's more conservative $2.3 trillion base-case forecast.
Morgan Stanley Targets Q1 2027 for Tokenized Stock Trading
Morgan Stanley is developing infrastructure to support tokenized equities through its alternative trading system (ATS), which matches securities orders outside traditional public exchanges.
Oldenburg described Q1 2027 as a more realistic target, explaining that institutional demand remains limited partly because the necessary products and supporting infrastructure are still developing.
The bank is also building proprietary wallet technology designed to simplify how customers hold tokenized assets without managing blockchain infrastructure themselves.
Separately, its Digital Asset Lab is testing emerging blockchain technologies before they move into production.
These initiatives would allow Morgan Stanley to support clients holding traditional securities alongside blockchain-based investments, rather than requiring an entirely separate trading ecosystem.
Tokenization Could Grow From $38.6B to $10 Trillion
The scale of the projected expansion is substantial.
According to RWA market data sourced from RWA.xyz, tokenized real-world assets totaled approximately $38.63 billion on October 1, excluding stablecoins.
Of that amount, tokenized U.S. Treasuries accounted for $14.64 billion, followed by private credit at $7.97 billion and tokenized equities at $3.23 billion.
Reaching $10 trillion would represent approximately 259 times today's market size, while the lower $3 trillion estimate would imply nearly 78-fold growth.
However, Morgan Stanley's October research commentary established a $2.3 trillion base case, primarily driven by collateral mobility, tokenized Treasuries and institutional liquidity management.
Wall Street Accelerates Tokenized Stock Trading
Morgan Stanley is entering an increasingly competitive market.
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.
Its infrastructure plans have already attracted participation from BlackRock and JPMorgan, highlighting growing institutional interest in blockchain settlement.
