Morgan Stanley said Tuesday that it was among the first institutions to tokenize U.S. equities and Treasury securities through DTCC’s tokenization service. The service began operating on October 28, and 20 DTC participants have registered. DTCC said the tokens retain the ownership rights, investor protections, and economic benefits attached to the original securities. The service runs on the Canton Network and DTCC’s private Besu network. Last month, the International Monetary Fund found that tokenized stocks remain more volatile and less liquid than traditional stocks.