Morgan Stanley tokenizes U.S. stocks and Treasuries via DTCC

Morgan Stanley is among the first banks to use the DTCC tokenization service, which launched Oct. 28 to create blockchain-based versions of U.S. stocks and Treasuries. The story matters for on-chain finance. It also needs a careful reading, because it is not the same thing as the tokenized Treasury funds we count.

What did Morgan Stanley announce?

Morgan Stanley said it is among the first to tokenize real-world assets through the DTCC Tokenization Service, converting U.S. equities and Treasuries into tokenized form. The bank made the announcement in a post on X.

The bank did not disclose which equities or Treasurys it tokenized, their value or transaction volume. That means there is no dollar figure to put next to the news yet.

Amy Oldenburg, Morgan Stanley's head of digital assets strategy, said the experience will shape what the bank builds next.

How does the DTCC Tokenization Service work?

Under the service, DTCC's Depository Trust Company mints tokens that represent securities it already holds. DTCC says the tokens keep the same ownership rights and investor protections as the originals. Users can swap between the two forms and send tokens to their own digital wallets.

The service runs on two blockchains, Canton and DTCC's private Besu network, with more planned for next year. The Securities and Exchange Commission cleared the project in a December 2025 no-action letter. It covers Russell 1000 stocks, exchange-traded funds that track major indexes and Treasuries.

For more on the launch, see our earlier piece on the DTCC service going live.

Who else has signed up?

Decrypt reports: "Twenty firms have signed on so far, including Bank of America, Citi and J.P. Morgan." DTCC says tokenization could improve liquidity, simplify collateral transfers and make capital use more efficient. Details are in the CoinDesk report and the Decrypt report.

How does this compare with tokenized Treasuries on public blockchains?

We count a different thing. Our Treasury page tracks tokenized Treasury funds on public blockchains. Counts update every 6 hours. Only addresses the issuer publishes or confirms in writing are counted. The DTCC service runs on Canton and a private Besu network, and Morgan Stanley has given no amounts. We have therefore added nothing for it.

As of November 4, 2026, $12.30 billion in tokenized U.S. Treasury funds is on public blockchains, by The Migration by Concrete's count. That is 17 funds from 12 issuers, read directly from 20 blockchains. Over 7 days the total changed by -$0.31 billion (-2.4%), from $12.61 billion. The full Treasury count lists every fund.

The largest funds as of November 4, 2026:

By blockchain, BNB Chain leads with $4.41 billion (35.8%), followed by Ethereum at $3.62 billion (29.4%). Our BNB Chain article explains that shift.

Why are bank tokens and fund tokens different?

The DTCC tokens are one-to-one digital forms of securities that DTC already holds. The funds in our count are investment products whose shares are issued on public chains. Both put Treasuries into token form, but they sit on different rails and are reported differently. Banks are also joining from the fund side. J.P. Morgan Asset Management's JLTXX holds $795.5 million on Solana ($741.0 million) and Ethereum ($54.4 million) as of November 4, 2026.

We also avoid double counting. For example, one token that is held inside USDY's reserves is left out of our Treasury total. See The $313.8 million that can be counted twice. For our full method, read how we count.

What to watch

• Whether Morgan Stanley or DTCC publishes amounts for tokenized Treasuries or equities.
• Which additional blockchains DTCC adds next year.
• Whether any DTCC participant publishes addresses on a public blockchain. If one does, we can read it directly.
• Our next fund-by-fund update on the Treasury page, as of its next 6-hour refresh.