Morgan Stanley Delays Stock Token Plan: What Is the Banking Giant Waiting For?
Morgan Stanley now sees the first quarter of 2027 as a more realistic target for supporting stock tokens on its alternative trading system, instead of the second half of 2026 it had previously indicated.
Amy Oldenburg, the bank’s Head of Digital Asset Strategy, told The Block in an interview at Token2049 that the necessary infrastructure is being developed, but the service needs a little more time before it can be launched.
The plan calls for supporting blockchain-based versions of stocks through the bank’s alternative trading system (ATS). The system matches buy and sell orders outside public exchanges such as Nasdaq.
Products and a regulatory framework are still needed
Oldenburg said suitable products must be available before the bank can offer support on its ATS. She also attributed the absence of customer demand so far to the lack of an available product.
The executive described the tokenization service DTCC plans to launch at the end of the month as a significant development that could boost market activity. She emphasized that regulatory approvals and rules that have yet to be clearly established also affect institutional participation.
The bank sees these preparations as part of its strategy to serve clients who use traditional assets alongside blockchain-based products. The goal is to expand the direct stock, derivatives, and swap transactions available under the current model to include tokenized assets.
Wallet infrastructure and a digital asset lab are in the works
Morgan Stanley is also developing its own wallet infrastructure to enable clients to hold tokenized assets. It has also established a Digital Asset Lab to examine blockchain technologies, risks, and opportunities that could support new products.
Oldenburg explained that the lab is focused less on committing to launch specific products and more on testing the technologies that may be needed in a secure environment.
Trillion-dollar market forecast for 2030
Oldenburg said she expects the market for tokenized real-world assets to reach between $3 trillion and $10 trillion by 2030. This forecast covers the broader tokenized asset market, not just stock tokens.
The executive identified areas with significant paperwork and administrative burdens—including private company shares, structured products, and access to private funds—as near-term opportunities.