Morgan Stanley Predicts $10 Trillion RWA Market by 2030

Morgan Stanley expects the tokenized real-world asset (RWA) market to grow to between $3 trillion and $10 trillion by 2030, driven by increasing institutional adoption of blockchain technology and tokenized financial products.

Amy Oldenburg, Morgan Stanley's head of digital asset strategy, reaffirmed the forecast during an interview at TOKEN2049, expressing strong confidence in the long-term growth of asset tokenization.

“We’ll definitely be within that range without question,” Oldenburg stated, highlighting the expanding role of blockchain in traditional finance.

According to RWA.xyz, the tokenized RWA market was valued at approximately $39.19 billion as of October 12. Reaching the upper projection of $10 trillion would require the market to expand nearly 255 times its current size.

Oldenburg identified private equity shares, structured notes, and investment funds as promising opportunities for tokenization. Blockchain technology could simplify ownership transfers, reduce administrative costs, and improve transaction efficiency across these financial instruments.

Institutional investors are also exploring tokenized securities as collateral for lending and trading, potentially creating additional demand for blockchain-based assets.

Despite its optimistic outlook, Morgan Stanley has postponed the launch of tokenized stock trading through its alternative trading system (ATS) until the first quarter of 2027, compared with its previous target of the second half of 2026.

Oldenburg attributed the delay partly to limited product availability, which continues to restrict institutional participation.

“We must have product to be able to support them in the ATS,” she explained.

Meanwhile, blockchain platforms are expanding access to tokenized traditional assets. xStocks recently introduced more than 1,100 tokenized equities, highlighting growing competition in the sector.

Morgan Stanley is also closely watching the Depository Trust & Clearing Corporation's (DTCC) planned tokenization service launch in October 2026. The initiative aims to enable blockchain-based representations of eligible securities while preserving existing custody frameworks.

Major financial institutions are participating in DTCC's digital assets working group to develop standards for tokenized securities, blockchain settlement, and institutional transactions.

Separately, Morgan Stanley is developing proprietary digital wallets and exploring blockchain applications through its Digital Asset Lab. The bank also secured conditional regulatory approval for a digital asset trust in June.

These initiatives underscore Morgan Stanley's strategy to strengthen its position in the rapidly developing tokenized asset market as Wall Street accelerates blockchain adoption.