Morgan Stanley has revised its timeline for supporting tokenized equities on its alternative trading system (ATS), now targeting the first quarter of 2027. Amy Oldenburg, the firm’s head of digital asset strategy, shared this update during an interview with The Block at Token2049. She noted that the previous estimate of the second half of 2026 was overly optimistic, citing the need for additional time to develop the necessary infrastructure and product offerings.
Oldenburg emphasized that client demand for tokenized equities remains low due to the lack of available products. She highlighted upcoming milestones, such as the Depository Trust & Clearing Corporation's (DTCC) tokenization service launch later this month and the GENIUS Act’s implementation in January, as potential catalysts for market activity. Regulatory clarity, particularly from the Federal Reserve, was also identified as a critical factor for institutional engagement.
The bank views tokenized equities as an extension of its existing strategy, which includes offering direct equities, derivatives, and swaps through its ATS. Morgan Stanley is also developing proprietary wallet infrastructure to support tokenized assets while maintaining abstraction for users. Additionally, the firm recently established a Digital Asset Lab to test blockchain technologies required for new products.
Oldenburg predicted that the tokenized real-world asset market will likely fall within the $3 trillion to $10 trillion range, citing recent industry announcements and growing institutional interest. She described the broader trend as ‘the securitization of everything,’ noting that blockchain could streamline administrative processes for complex assets like private shares and structured notes.