Morgan Stanley has moved its target for introducing tokenized equities on its Trajectory Cross alternative trading system from the second half of 2026 to the first quarter of 2027. Amy Oldenburg, the bank’s head of digital asset strategy, cited limited issuance of tokenized shares by third parties and nascent client demand. The securities would trade alongside traditional equities, exchange-traded funds and American Depositary Receipts on the existing venue, rather than on a separate crypto exchange. The bank is developing client-facing custodial wallet infrastructure and testing how conventional and tokenized instruments can be handled together. A planned tokenization service from the Depository Trust & Clearing Corporation and forthcoming US stablecoin regulations provide context for the revised timetable, but neither guarantees securities for the venue to trade. Tokenized equities represented about $3.15 billion of the roughly $39 billion on-chain real-world asset market in October 2026, illustrating why growth in tokenization does not necessarily mean more equities are available to trade.