Morgan Stanley: Stablecoin Market Exceeds $300 Billion, Tokenization May Not Benefit Tokens

A Morgan Stanley report from September 8 notes that the stablecoin market has surpassed $300 billion, with over $30 billion in tokenized real-world assets. While institutional adoption is accelerating, the firm warns that blockchain adoption does not guarantee token price appreciation. Morgan Stanley suggests that profits may accrue to institutions controlling distribution and custody, while public protocols must generate lasting token demand to see value.