Morgan Stanley has begun converting U.S. stocks and Treasury debt into digital tokens through the Depository Trust & Clearing Corporation (DTCC), according to a Nov. 3 announcement by the bank. The tokens are digital representations of securities held by the depository, mapped down to their individual CUSIP identifiers. The move marks a significant step in tokenizing traditional financial assets at scale, leveraging DTCC's existing role as the central securities depository for most U.S. equities and government bonds.