Six Days After Launch, Morgan Stanley Says It Is Using DTCC’s Tokenization Service

Morgan Stanley is using the DTCC Tokenization Service (DTS) to put U.S. equities and Treasuries into token form, the bank said in a post on X on Nov. 3, six days after the service went live. It called itself “among the first banks to tokenize real-world assets” since the launch.

The post named no securities, amounts or blockchain, nor whether the tokens are held for clients or the bank itself.

In the post’s attached quote card, Amy Oldenburg, Morgan Stanley’s head of digital assets strategy, said, “The hands-on experience of integrating tokenized securities with established market infrastructure will inform the continued development of the firm’s digital asset capabilities as the market evolves.”

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At launch, 20 DTC participants had signed agreements to use DTS, DTCC said, including Morgan Stanley, Bank of America, Citi and J.P. Morgan. DTCC’s release named none as having tokenized.

In Unchained’s read, the post moves Morgan Stanley from that list to a stated user, though without amounts it shows no scale.

The Depository Trust Company, a DTCC subsidiary, launched DTS on Oct. 28. DTCC calls these tokens “digital twins,” and they are backed 1:1 by securities DTC already holds in custody. Eligible DTC participants can convert a position between book-entry and token form in either direction.

Each token keeps the underlying security’s CUSIP and the holder’s rights and protections, and DTC remains the official record keeper, according to DTCC’s one-page overview. A December 2025 SEC no-action letter covers Russell 1000 stocks, ETFs that track major indices, and Treasury bills, notes and bonds.

DTS runs on two networks, the Canton Network and a private Besu network run by DTCC; Stellar and Circle’s Arc are expected in 2027. Ondo, whose broker-dealer joined DTCC’s Fund/SERV network in September, is among the collaborators DTCC named.

Morgan Stanley executives, Oldenburg among them, told Bloomberg in September the bank had set up a lab to test stablecoins, tokenization and DeFi tools apart from its main systems.

DTCC’s overview lists on-chain netting, digital cash and wider settlement and collateral uses among items for 2027 and later, on a roadmap it calls “indicative and subject to change.”

Related Listen: Why the Tokenization Boom May Be a Signal to Buy Bitcoin

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