Morgan Stanley has pushed back its expected launch timeline for tokenized equity trading to the first quarter of 2027, extending its previous target of the second half of 2026 as the bank continues developing the infrastructure required for blockchain-based securities markets.
Amy Oldenburg, Morgan Stanley’s head of digital asset strategy, said the revised timeline reflects the need for greater product availability and institutional demand before tokenized stocks can be supported through the bank’s alternative trading system. The planned rollout concerns blockchain-based securities trading on Morgan Stanley’s existing infrastructure, not the launch of a separate cryptocurrency exchange.
The bank intends to introduce tokenized equities through its Trajectory Cross alternative trading system, which already supports traditional equities, exchange-traded funds, and American Depositary Receipts. The planned expansion would allow selected tokenized securities to be traded alongside conventional financial products, although Morgan Stanley has not announced eligible assets, supported blockchain networks, or a final launch date.
Oldenburg said the development process requires suitable tokenized products to exist before the bank can provide trading support. The delay does not reflect a disclosed technical failure or regulatory obstacle but highlights the broader challenge of building market infrastructure while institutional demand and available products continue to develop.
Morgan Stanley’s timeline adjustment comes as other major financial market institutions advance tokenization initiatives. The Depository Trust & Clearing Corporation (DTCC) is preparing a tokenization service launch after completing production transactions involving traditional securities, including U.S. Treasury instruments and equities. The development signals increasing experimentation with blockchain-based representations of assets within regulated financial markets.
Regulatory developments are also shaping the sector. The U.S. Securities and Exchange Commission has introduced temporary exemptions for certain platforms trading tokenized stocks under specific conditions, requiring that tokenized securities provide holders with rights equivalent to traditional securities. However, these exemptions do not represent approval of Morgan Stanley’s planned service.
Beyond tokenized equities, Morgan Stanley is building broader digital asset infrastructure. The bank is developing proprietary wallet technology designed to support digital assets and tokenized financial products within its existing systems. It has also established a Digital Asset Lab to test blockchain applications, including potential uses involving stablecoins, decentralized finance, and tokenized assets.
The bank has separately expanded cryptocurrency access through E*TRADE, allowing eligible customers to trade Bitcoin, Ethereum, and Solana. These services remain separate from the proposed tokenized equity platform, which focuses on blockchain-based representations of traditional securities.
Oldenburg expects tokenized real-world assets to become a significant financial market segment, forecasting that the sector could reach between $3 trillion and $10 trillion by 2030. However, this estimate represents her outlook rather than a confirmed market projection.
For Morgan Stanley, the next critical factors will be the availability of tokenized securities, regulatory clarity, institutional participation, and the completion of its internal infrastructure. The bank has not yet provided a final launch schedule, supported asset list, or customer onboarding timeline.
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