Morgan Stanley Tokenizes U.S. Stocks and Bonds Through DTCC Tokenization Services

Morgan Stanley has tokenized U.S. stocks and U.S. Treasury bonds through the tokenization services of the Depository Trust & Clearing Corporation (DTCC). This service converts DTC-held securities into tokenized digital twins, allowing for conversion between securities and tokens, while retaining original ownership rights, investor protections, and economic interests. The DTCC tokenization service currently operates on the Canton Network and DTCC's private Besu network, with plans to support more blockchains by 2027. So far, 20 DTC participating institutions have signed on to use this service, including Bank of America, Citigroup, JPMorgan, Fidelity, Citadel Securities, and UBS. DTCC stated that the service was developed with input from over 150 institutions. The U.S. Securities and Exchange Commission (SEC) issued a no-action letter to DTC in December 2025, allowing it to tokenize components of the Russell 1000 Index, major index ETFs, and U.S. Treasury bonds.

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