Morgan Stanley is focusing on "onchain" finance as a potential next step in its approach to serving its multibillion-dollar wealth business. The bank's CFO, Sharon Yeshaya, described the concept as a shift from account-based systems to more fluid transfer of assets across digital rails. The move reflects a broader industry shift in which large banks are exploring blockchain technology to modernize financial plumbing rather than disrupt it. Morgan Stanley recently launched a digital asset pilot with Zero Hash, allowing select E*Trade clients to buy and sell major cryptocurrencies. The firm is also considering different types of products on the asset side and on the lending side for onchain.