Morgan Stanley expects to support tokenized equities through its alternative trading system in the first quarter of 2027, replacing an earlier second-half 2026 target as the bank awaits a broader range of tokenized products and customer demand. Amy Oldenburg, Morgan Stanley's Head of Digital Asset Strategy, said at TOKEN2049 on October 12, 2026 that tokenized real-world assets could reach $3 trillion to $10 trillion by 2030, above the firm's September base-case projection of $2.3 trillion. The on-chain RWA market currently totals about $38.6 billion to $40 billion, with tokenized U.S. Treasuries accounting for about $14.6 billion. Oldenburg said DTCC's planned tokenization service, the GENIUS Act's January 2027 effective date, unresolved regulatory requirements after the CLARITY Act failed to pass, and Federal Reserve permission will influence further digital-asset activity.