Morgan Stanley, Oliver Wyman See Tokenized Assets Reaching $2.3 Trillion by 2030

Morgan Stanley and consulting firm Oliver Wyman project that tokenized assets could cumulatively reach $2.3 trillion by 2030 in their base-case scenario. The estimate segments projected demand by primary institutional use cases rather than by specific asset classes. The largest single component of the forecast is collateral mobility, which the firms expect to account for roughly $1.7 trillion of the total. That suggests they see significant efficiency or utility gains from using tokenization to move and reuse collateral across markets and platforms. Reserve and treasury management is the next-largest contributor, at about $400 billion under the base-case estimate. Together, these two use cases make up the bulk of the $2.3 trillion figure presented by Morgan Stanley and Oliver Wyman. The firms' breakdown underscores where they anticipate early traction for tokenization among institutional actors: improving collateral workflow and enabling new approaches to managing reserves and corporate treasuries on-chain. The projection provides a quantitative baseline for discussions about infrastructure, regulation, and adoption in tokenized finance.