Morgan Stanley CFO: Tokenization Will Become the Next Phase of the Trillion-Dollar Wealth Management Business

Odaily Sharon Yeshaya, Chief Financial Officer of Morgan Stanley, stated that tokenization and on-chain finance will become key evolutionary directions for its wealth management business.

The company envisions a "tokenized world," where client assets and liabilities can circulate as efficiently as funds through blockchain infrastructure, thereby reshaping asset allocation, lending, and cash management methods.

Unlike viewing crypto as an independent business, Morgan Stanley plans to embed on-chain capabilities into its core service system, including investment advisory, financing, and liquidity management, to drive an upgrade of the overall financial architecture.

This strategy is already being gradually implemented through digital asset pilots with ZeroHash and products like Bitcoin ETFs. Although the crypto business currently still accounts for a small proportion of the overall system, its position in the future wealth management system is rapidly increasing.