Morgan Stanley Tokenizes US Stocks and Treasuries Through DTCC’s New Service

Morgan Stanley said Tuesday that it had tokenized U.S. stocks and Treasuries through the Depository Trust & Clearing Corporation’s Tokenization Service, which went live on October 28. The service turns securities held at DTCC’s Depository Trust Company into tokens backed one-to-one by a security in custody, carrying the same legal rights and protections as the underlying asset. It operates under a December 2025 SEC staff no-action letter limiting it to U.S. Treasuries, Russell 1000 stocks and ETFs tracking major indices. By launch, 20 DTC participants, including Morgan Stanley, J.P. Morgan, Citi, Bank of America and UBS, had signed agreements to use the service.