Morgan Stanley Has ‘Digital Asset Lab’ To Test Crypto Products: Report

What happened

The report added that the lab’s team is working to test products like tokenized (representing an asset as a tradable entry on a blockchain) deposits, central-bank digital currencies and tokenized money market funds. Bloomberg on Tuesday reported that the bank was using the lab to test products like stablecoins (a digital token meant to hold a fixed value, usually one dollar), tokenized assets and decentralized finance apps.

Morgan Stanley is one of many banks delving deeper into the crypto world. The traditional finance titan became the first bank to debut a bitcoin exchange-traded fund in April.

Morgan Stanley has a number of so-called labs to test out new products, the report continued. Morgan Stanley has been making big crypto moves for years now.