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Morgan Stanley warns tokenisation could disrupt wealth management revenue
A report from Morgan Stanley indicates that the adoption of tokenised assets and digital money could threaten 25% to 30% of wealth management revenue, specifically targeting net interest income. The expansion of digital assets, including stablecoins and traditional financial assets represented as tokens on blockchain networks, is expected to reshape how investments are held, transferred, and used as collateral.
While digital forms of money pose a risk to traditional income streams, the report notes that opportunities for clients to borrow against a broader range of assets may help offset these pressures. Morgan Stanley projects that tokenised real-world assets, such as equities and bonds, could grow from approximately USD 40 billion currently to roughly USD 2.3 trillion by 2030.
In Australia, financial institutions such as CFS and Netwealth are exploring tokenisation opportunities, including tokenised annuities. The regulatory landscape is also evolving; the Corporations Amendment (Digital Assets Framework) Bill 2025 received Royal Assent, with a framework set to commence on 9 April 2027. This will bring digital asset and tokenised-custody platforms under Australia’s financial services regime, requiring operators to hold an Australian Financial Services Licence (AFSL).
Entities
ASIC · Australia · CFS · Morgan Stanley · Netwealth
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Digital asset platforms in Australia will be required to hold an AFSL. www.moneymanagement.com.au
- [● 2 SOURCES] Tokenised real-world assets are projected to grow from USD 40 billion to USD 2.3 trillion by 2030. newsable.asianetnews.com · www.news18.com
- [○ 1 SOURCE] The Corporations Amendment (Digital Assets Framework) Bill 2025 received Royal Assent. www.moneymanagement.com.au
- [○ 1 SOURCE] The Australian digital asset framework is set to commence on 9 April 2027. www.moneymanagement.com.au
- [● 2 SOURCES] Tokenised assets and digital money could threaten 25-30% of wealth management revenue. newsable.asianetnews.com · www.news18.com
- [○ 1 SOURCE] CFS and Netwealth are exploring opportunities in tokenisation, including tokenised annuities. www.moneymanagement.com.au