Morgan Stanley tests DeFi and tokenization in new digital asset lab: Report
The initiative is part of the bank's existing innovation-lab network, which the firm uses to evaluate emerging technologies before scaling them across the organization.
Morgan Stanley has created a Digital Asset Lab to experiment with stablecoins, tokenization and decentralized finance, Amy Oldenburg, who leads the Wall Street bank’s digital asset team, said in a recent interview with Bloomberg.
The lab is part of Morgan Stanley’s innovation-lab network, where teams can test emerging technologies in controlled environments before they are connected to the bankās core systems.
Oldenburg said the new facility will be used to examine digital money and cash equivalents, including tokenized deposits, central-bank digital currencies and tokenized money market funds. The team is also interested in DeFi vaults, which pool assets and use blockchain software to deploy capital according to predetermined strategies.
The bank’s innovation labs employ permanent teams and specialists from across Morgan Stanley and have previously worked on electronic trading, cybersecurity and machine learning, as reported. The facilities cover roughly 20,000 square feet across New York, Glasgow and Bangalore, with up to 270 projects passing through the labs each year.
Morgan Stanley has accelerated its digital asset strategy under Oldenburg, who took over the role in January 2026 with a firm-wide mandate covering wealth management, investment management and operations. The bank filed for a national trust charter in February through Morgan Stanley Digital Trust, seeking the ability to provide direct custody, staking and trading services.
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The firm launched the Morgan Stanley Bitcoin Trust in April and added Ether and Solana ETPs in July, with staking available from day one. Morgan Stanley also partnered with Zerohash to bring spot Bitcoin, Ether and Solana trading to E*TRADE, while introducing a government money market fund tailored to stablecoin issuers’ reserve needs.
Tokenization remains a central part of Oldenburgās strategy, with the bank focused on potential efficiency gains from blockchain rather than crypto speculation alone. Its approach spans custody, staking, tokenized funds, stablecoin infrastructure and retail trading, putting it alongside Goldman Sachs, JPMorgan and BlackRock in the ongoing push to bring traditional financial products onchain.