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

According to Chaoshang Research, Morgan Stanley’s September 8, 2026 research report indicates that the stablecoin market exceeds $300 billion, tokenized real-world assets surpass $30 billion, and Bitcoin’s market capitalization accounts for approximately 5% of gold’s. Institutional participation is accelerating, yet adoption does not necessarily translate to token price appreciation. Morgan Stanley posits that while blockchain technology may see widespread adoption, the economic benefits are likely to accrue to institutions controlling distribution, custody, and customer relationships. Incumbent institutions will retain client relationships, crypto-native companies will capture infrastructure share, and public protocols must generate sustained token demand to benefit. Professional capital will gradually and selectively flow toward assets with deep liquidity, credible governance, and proven value capture mechanisms.