On October 28, the U.S. Depository Trust Company, a subsidiary of the Depository Trust & Clearing Corporation (DTCC), launched its tokenization service DTS. The service generates corresponding tokens for the securities it custodies, aiming to improve asset liquidity, facilitate collateral transfers, and enhance capital efficiency. Morgan Stanley became one of the first banks to tokenize real-world assets through this service, having converted a portion of its U.S. equities and U.S. Treasury bonds into tokenized form.