Morgan Stanley tokenizes US stocks and Treasuries through DTCC's new service

Morgan Stanley says it is among the first banks to use the Depository Trust & Clearing Corporation's new Tokenization Service, creating blockchain-based versions of US stocks and Treasuries. The bank announced it in a post on X.

The service went live on 28 October. The Depository Trust Company mints tokens that represent securities it already holds, with the same ownership rights and investor protections as the originals, and users can swap between the two forms or move tokens to their own wallets. An SEC no-action letter from December 2025 covers Russell 1000 stocks, ETFs tracking major indexes and Treasuries.

It runs on Canton and DTCC's private Besu network, with more blockchains planned for 2027. Twenty firms have signed up so far, including J.P. Morgan, Citi, Bank of America, Fidelity and Citadel Securities. Amy Oldenburg, Morgan Stanley's head of digital assets strategy, said the hands-on experience will shape the bank's future digital asset work.