[Morgan Stanley: Stablecoin Market Exceeds $300 Billion, Tokens May Not Benefit] Morgan Stanley's research report on September 8, 2026, pointed out that the stablecoin market has exceeded $300 billion, with tokenized real-world assets surpassing $30 billion, and Bitcoin's market capitalization is approximately 5% of gold's. Institutional participation is accelerating, but adoption does not equate to token price increases. Morgan Stanley believes that while blockchain technology may see widespread adoption, the benefits could accrue to institutions that control distribution, custody, and client relationships. Existing institutions retain client relationships, crypto-native companies capture infrastructure shares, and public protocols must create sustained token demand to benefit. Professional capital will gradually and selectively flow toward assets with deep liquidity, credible governance, and demonstrable value capture. (Source: Tide Research)