Morgan Stanley and Oliver Wyman project that tokenized assets will grow from roughly $40 billion today to $2.3 trillion, according to a research figure circulated by CoinMarketCap on September 25, 2026. The forecast puts a hard number on a shift that banks and asset managers have described in vaguer terms for two years. It implies growth of about 57x from the current base.
The estimate matters less for the size of the number than for who is publishing it. Morgan Stanley is a global investment bank, and Oliver Wyman is a consultancy that advises the same institutions weighing whether to move assets onchain. When that pairing prints a multi-trillion-dollar target, it reads as a planning assumption for their clients, not a crypto marketing line.
The base is small, the slope is steep
Start with the $40 billion figure. Against the scale of global financial assets, which run into the hundreds of trillions of dollars, tokenized instruments are still a rounding error. That is the point of the forecast: the category is early enough that a 57x move takes it from marginal to material without approaching saturation.
A jump of that size does not come from one product. It assumes tokenized money market funds, private credit, Treasuries, and eventually equities all migrate onto blockchain rails in parallel. Each of those already has live examples in 2026, which is part of why a bank is willing to attach a number rather than a hedge.
The projection is a projection. Neither firm is guaranteeing the outcome, and forecasts of this shape have a history of arriving late, arriving early, or arriving in a different form than drawn. Treat the $2.3 trillion as a directional bet on adoption, not a settled fact.
The forecast lands in a busy quarter
This figure did not appear in a vacuum. Tokenization has produced a steady run of concrete moves through September. DTCC, the plumbing behind US securities settlement, launched a tokenization service aimed at $114 trillion in assets. ARK Invest tokenized a venture fund on Ethereum through Securitize. NYSE and Blockchain.com signed an agreement to bring tokenized US stocks to 44 million accounts.
Set against that backdrop, a $2.3 trillion target is less a prediction than a tally of momentum that Morgan Stanley expects to compound. The base case is that the infrastructure being built this year is the on-ramp for the assets the forecast counts.
Crypto prices are firm as the note circulates
The broader market gave the report a supportive tape. As of September 25, 2026, Bitcoin traded at $84,694, up 1.8% on the day and 8.3% over the week. Ether sat at $2,710, up 2.9%. XRP led the majors with a 6.7% daily gain to $1.55, and Solana rose 5.3% to $118.78. The Crypto Fear and Greed Index read 73, in "Greed."
None of that is caused by a single research note. But a market already in "Greed" tends to treat institutional forecasts as confirmation rather than noise, and tokenization is one of the few narratives where the price action and the corporate activity have moved in the same direction all quarter.
The gap between the number and the wallet
For most crypto users, a $2.3 trillion tokenized market is abstract until it touches something they hold or spend. The near-term bridge is stablecoins and tokenized cash, which already settle onchain and increasingly back the stablecoin spending that card programs rely on. If tokenized Treasuries and money market funds scale the way the forecast assumes, the balance sitting behind a card or a wallet could earn yield onchain while remaining spendable, collapsing the line between an investment account and a payment account.
That is the second-order story worth watching. Tokenization forecasts get quoted for the headline number, but the change that reaches an ordinary user is settlement: assets that clear in seconds, move across borders without a correspondent bank, and plug directly into the crypto card rails that already exist. The $2.3 trillion figure is a bet that this plumbing gets used at scale. Whether it arrives on schedule is the open question.
Overview
Morgan Stanley and Oliver Wyman project tokenized assets rising from about $40 billion to $2.3 trillion, a roughly 57x forecast reported on September 25, 2026. The significance is the source: a global bank and its advisory partner attaching a hard target to a category that was speculative two years ago. The number arrives alongside real September activity from DTCC, ARK Invest, and NYSE, and against a firm crypto tape with Bitcoin near $84,700 and the Fear and Greed Index at 73. For users, the payoff is not the headline trillion but the settlement rails underneath it.
