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

TechFlow reports, according to Chaowang Research, Morgan Stanley's September 8, 2026 research report states that the stablecoin market size exceeds $300 billion, tokenized real-world assets exceed $30 billion, and Bitcoin's market capitalization is approximately 5% of gold's. Institutional participation is accelerating, but adoption does not equal token price appreciation.

Morgan Stanley notes that while blockchain technology may see widespread adoption, the benefits are likely to accrue to institutions controlling distribution, custody, and client relationships. Existing institutions will retain client relationships, crypto-native firms will capture infrastructure market share, and public protocols must generate sustained token demand to benefit. Professional capital will gradually and selectively flow toward assets featuring deep liquidity, trusted governance, and verifiable value capture.