Morgan Stanley forecasts the tokenized real-world assets market could reach between $3 trillion and $10 trillion by 2030, compared to approximately $40 billion today. The bank significantly raised its base-case forecast from $2.3 trillion, setting the low end of its new range above its own previous scenario. Amy Oldenburg, Head of Digital Asset Strategy at Morgan Stanley, presented these projections at the TOKEN2049 conference on October 12, 2026, calling them without question. Tokenized US Treasuries currently represent approximately $14.6 billion, accounting for more than a third of the total on-chain RWA market. The bank also pushed the launch of tokenized equities on its alternative trading system to Q1 2027, citing insufficient market maturity and institutional demand.
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