Morgan Stanley projects tokenized assets market could hit $10T by 2030

Morgan Stanley thinks the market for tokenized real-world assets could reach between $3 trillion and $10 trillion by 2030. Today that market sits at approximately $38.6-$40 billion. Getting to the low end of the forecast would require growth measured in multiples, not percentages. The projection came from Amy Oldenburg, Morgan Stanley’s Head of Digital Asset Strategy, speaking at the TOKEN2049 conference on October 12, 2026. She did not frame it as a long shot. She called the forecast “without question.” A big jump from last month’s math The new range is notably more aggressive than Morgan Stanley’s own earlier view. In a release the previous month, September 2026, the firm put its base-case forecast for tokenized RWAs at $2.3 trillion by 2030. So within weeks, the low end of the conference estimate landed above the firm’s published base case. The high end is more than four times that figure. Right now, that plumbing is dominated by one product. Tokenized US Treasuries account for about $14.6 billion of the on-chain RWA market. That works out to more than a third of the total. Morgan Stanley’s research also breaks the opportunity into specific use cases. The firm forecasts total co...