Morgan Stanley: Tokenized Assets Could Hit $10T
Morgan Stanley’s Head of Digital Asset Strategy, Amy Oldenburg, says tokenized assets could grow to $3 trillion–$10 trillion by 2030. The outlook is far above the bank’s research team’s $2.3 trillion base-case forecast.
The bank now targets the first quarter of 2027 to support tokenized stock trading through its alternative trading system, revising its earlier second-half 2026 timeline. It is also developing customer wallet technology and testing blockchain infrastructure, while noting that institutional demand and supporting products are still developing.
Tokenized real-world assets totaled about $38.63 billion on October 1, excluding stablecoins, according to RWA.xyz. That included $14.64 billion in tokenized US Treasuries, $7.97 billion in private credit and $3.23 billion in tokenized equities. Morgan Stanley’s projections point to significant potential growth in tokenized assets, but the wide gap between its $2.3 trillion base case and $10 trillion upper estimate highlights uncertainty.
Competition is increasing. Securitize launched blockchain-based trading for 12 major US stocks, while the Depository Trust & Clearing Corporation is preparing a broader tokenization service with participation from more than 50 financial institutions. The developments underscore growing institutional interest in tokenized securities, though Morgan Stanley’s 2027 target means its plans are not an immediate trading catalyst.
Neutral
The news is structurally positive for blockchain adoption but has limited immediate implications for crypto prices. Morgan Stanley’s $3 trillion–$10 trillion outlook signals institutional confidence in tokenized assets, and its planned trading, wallet and blockchain infrastructure could support long-term demand for onchain settlement. However, the forecast is for 2030, the bank’s own research base case is much lower at $2.3 trillion, and tokenized real-world assets currently total only about $38.63 billion. Its stock-trading support is also not expected until Q1 2027.
In the short term, the announcement may reinforce interest in tokenization-related companies and infrastructure, but it does not identify direct demand for a particular cryptocurrency or token. Traders are likely to distinguish between long-range projections and near-term adoption, focusing instead on actual launches, transaction volumes, regulatory developments and broader market liquidity. As with earlier announcements of institutional blockchain pilots, sentiment can improve without producing a lasting price move unless deployments translate into measurable usage.
Over the longer term, successful tokenized securities platforms could increase blockchain activity and demand for networks that provide settlement and asset infrastructure. Yet the market’s trajectory will depend on regulatory clarity, interoperability, custody and institutional uptake. The broad range of estimates and delayed timeline leave substantial execution risk, so the overall market impact is best assessed as neutral rather than an immediate bullish or bearish signal.