Morgan Stanley says it has tokenised US equities and Treasurys through the Depository Trust & Clearing Corporation’s new tokenisation service, making it among the first banks to do so. The claim comes from the bank’s own post on X, and both CoinDesk and The Block relay it as such.
DTCC’s service went live on 28 October. Its depository arm mints tokens representing securities it already holds. DTCC says the tokens carry the same ownership rights and investor protections as the originals, and holders can swap between the two forms or send tokens to their own wallets.
Twenty firms have signed up, among them JPMorgan, Citi, Bank of America, Fidelity and Citadel Securities. The service runs on Canton and DTCC’s private Besu network, with more chains planned for 2027. The SEC cleared the project with a no-action letter in December 2025, covering Russell 1000 stocks, major index ETFs and Treasurys.
Amy Oldenburg, Morgan Stanley’s head of digital assets strategy, said the hands-on experience will shape the firm’s continued development.
The Block adds a less flattering detail. Morgan Stanley now expects to support tokenised equities on its own trading system in the first quarter of 2027, later than the second half of 2026 it had targeted, according to an October report.
DTCC’s claims for liquidity and capital efficiency are expectations, not measurements. Morgan Stanley has not said which securities it tokenised, in what size, or whether any client has touched them. CoinDesk had no reply from the bank when it published.
