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Morgan Stanley Accelerates Tokenization, Launches Crypto Trading on E*TRADE, and Appoints New Digital Asset Head
Morgan Stanley is pushing the envelope of its digital‑asset strategy by adding spot trading for Bitcoin, Ethereum and Solana to its E*TRADE brokerage, debuting new exchange‑traded funds (ETFs) for the same three tokens, and unveiling a stable‑coin reserves portfolio. The move follows the bank’s appointment of veteran executive Amy Oldenburg as head of digital‑asset strategy in January.
On a recent panel on digital assets, Betsy Graseck, Morgan Stanley’s global head of banks and diversified finance research, warned that the old model of “banker hours” is ending. She said tokenization is not just about cryptocurrencies; it is about re‑building the financial infrastructure for an always‑on economy. “Your batch‑processing mentality is going to be a thing of the past,” Graseck said, underscoring a trend in which banks, exchanges and custodians are investing in technology that allows assets to move 24/7.
Tokenization – the representation of real‑world assets as digital tokens on a distributed ledger – can improve cash mobility, increase collateral efficiency and open new investment opportunities. According to the panel, investors are now looking beyond Bitcoin to tokenized money‑market funds and stocks. Denny Galindo, a Morgan Stanley Wealth Management investment strategist, added that tokenized products are likely to introduce many investors to blockchain technology before they purchase a cryptocurrency.
The bank’s entry into crypto trading on ETRADE is being carried out in partnership with Zerohash, a crypto and stable‑coin infrastructure provider. The partnership will allow eligible ETRADE clients to buy, sell and hold Bitcoin, Ethereum and Solana directly on the platform. The firm also announced the launch of the Stablecoin Reserves Portfolio, MSNXX, which is part of its institutional liquidity funds trust.
In addition to spot trading, Morgan Stanley Investment Management has expanded its exchange‑traded product lineup. The firm is pursuing Securities and Exchange Commission approval for Bitcoin and Solana ETFs and has already launched new ETFs for Bitcoin, Ether and Solana. Ali Wallace, global head of capital markets and ETF strategy, said product development is evolving in response to investor demand, noting growing interest in multi‑currency, multi‑product ETFs as the next stage of digital‑asset innovation.
Graseck emphasized that the transition to tokenized infrastructure will take years, not months. She added that investors who want to manage their funds on a 24/7 basis will increasingly look beyond domestic markets. “The entirety of your investor base is not your domestic market,” she said.
Morgan Stanley’s tokenization strategy aligns with broader industry developments. Other financial institutions are also exploring tokenized real‑world assets, 24/7 trading, and real‑time settlement. The move is driven by a desire to provide investors with continuous access to markets and to modernize legacy rails that were built for batch processing.
The appointment of Amy Oldenburg, who has led the firm’s emerging‑markets equity team since 2001, underscores the importance the bank places on digital‑asset strategy. Her role will oversee the development of new tokenized products, the expansion of crypto trading, and the pursuit of regulatory approvals for additional ETFs.
By offering tokenized money‑market funds, stocks, and stable‑coin reserves, Morgan Stanley is positioning itself to meet growing investor demand for digital‑asset exposure while maintaining the regulatory and operational controls required in traditional finance.
At present, the bank’s digital‑asset offerings include spot trading for Bitcoin, Ethereum and Solana on E*TRADE, Bitcoin, Ether and Solana ETFs, a stable‑coin reserves portfolio, and a new head of digital‑asset strategy. The firm is also pursuing SEC approval for additional ETFs and continuing to develop multi‑currency, multi‑product tokenized products. The next few years will likely see further expansion as the industry moves toward continuous markets and real‑time settlement.
On a recent panel on digital assets, Betsy Graseck, Morgan Stanley’s global head of banks and diversified finance research, warned that the old model of “banker hours” is ending. She said tokenization is not just about cryptocurrencies; it is about re‑building the financial infrastructure for an always‑on economy. “Your batch‑processing mentality is going to be a thing of the past,” Graseck said, underscoring a trend in which banks, exchanges and custodians are investing in technology that allows assets to move 24/7.
Tokenization – the representation of real‑world assets as digital tokens on a distributed ledger – can improve cash mobility, increase collateral efficiency and open new investment opportunities. According to the panel, investors are now looking beyond Bitcoin to tokenized money‑market funds and stocks. Denny Galindo, a Morgan Stanley Wealth Management investment strategist, added that tokenized products are likely to introduce many investors to blockchain technology before they purchase a cryptocurrency.
The bank’s entry into crypto trading on ETRADE is being carried out in partnership with Zerohash, a crypto and stable‑coin infrastructure provider. The partnership will allow eligible ETRADE clients to buy, sell and hold Bitcoin, Ethereum and Solana directly on the platform. The firm also announced the launch of the Stablecoin Reserves Portfolio, MSNXX, which is part of its institutional liquidity funds trust.
In addition to spot trading, Morgan Stanley Investment Management has expanded its exchange‑traded product lineup. The firm is pursuing Securities and Exchange Commission approval for Bitcoin and Solana ETFs and has already launched new ETFs for Bitcoin, Ether and Solana. Ali Wallace, global head of capital markets and ETF strategy, said product development is evolving in response to investor demand, noting growing interest in multi‑currency, multi‑product ETFs as the next stage of digital‑asset innovation.
Graseck emphasized that the transition to tokenized infrastructure will take years, not months. She added that investors who want to manage their funds on a 24/7 basis will increasingly look beyond domestic markets. “The entirety of your investor base is not your domestic market,” she said.
Morgan Stanley’s tokenization strategy aligns with broader industry developments. Other financial institutions are also exploring tokenized real‑world assets, 24/7 trading, and real‑time settlement. The move is driven by a desire to provide investors with continuous access to markets and to modernize legacy rails that were built for batch processing.
The appointment of Amy Oldenburg, who has led the firm’s emerging‑markets equity team since 2001, underscores the importance the bank places on digital‑asset strategy. Her role will oversee the development of new tokenized products, the expansion of crypto trading, and the pursuit of regulatory approvals for additional ETFs.
By offering tokenized money‑market funds, stocks, and stable‑coin reserves, Morgan Stanley is positioning itself to meet growing investor demand for digital‑asset exposure while maintaining the regulatory and operational controls required in traditional finance.
At present, the bank’s digital‑asset offerings include spot trading for Bitcoin, Ethereum and Solana on E*TRADE, Bitcoin, Ether and Solana ETFs, a stable‑coin reserves portfolio, and a new head of digital‑asset strategy. The firm is also pursuing SEC approval for additional ETFs and continuing to develop multi‑currency, multi‑product tokenized products. The next few years will likely see further expansion as the industry moves toward continuous markets and real‑time settlement.
