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

The striking part is the composition, not the headline figure: collateral mobility alone is projected to dominate the base case, which frames tokenization less as an investment story than as a market-infrastructure story about moving collateral and managing reserves more efficiently. That shifts the focus toward the institutions and venues that sit in those plumbing layers rather than headline token issuers. Whether the base case holds depends on adoption by the balance-sheet-heavy players these firms are describing, and on whether collateral and treasury use cases scale faster than other tokenization segments.