The 24-year-old finished just 0.04 seconds behind team-mate and friend Tom Dean in the 200m freestyle final to win his third career Olympic silver medal.
Scott could add to his medal haul later this week but his silver medal achievement has already been welcomed by the University of Stirling.
Scott graduated with a 2:1 in Business and Sports Studies after juggling his degree with swimming a week before leaving for Japan.
David Bond, the institution’s Head of Performance Sport, said: “We are absolutely thrilled for Duncan after he won silver at the Tokyo Olympics in a dramatic race, missing out on gold by just a fraction of a second.
“It’s Duncan’s third career Olympic silver and the first medal to be won by a Scot at this year’s Games – and everyone at the University of Stirling is incredibly proud of his achievements, both in the pool and academically.
“Duncan is a real inspiration to young swimmers not only here in Scotland and across the UK – but around the world.
"Yet again, on sport’s biggest stage, Duncan has produced an outstanding performance – showing grit, determination, discipline, professionalism and an exemplary work ethic.
"These are traits that his coaches at the University of Stirling – Steve Tigg and Bradley Hay – see first-hand on a daily basis.
"Duncan is well deserving of his medal and we are sending him and his Team GB teammate Tom Dean our warmest congratulations.
“We wish Duncan – and all of our Stirling athletes – all the best for the rest of the competition.”
Stewart Harris, Chief Executive of sportscotland, added: “What an incredible swim from Duncan Scott to take his first individual Olympic medal.
“Duncan has delivered consistently on the world stage and tonight was no exception. He was inspired by Michael Phelps, but at sportscotland, we believe that Duncan is inspiring the next generation.”
Scott is in action again with Dean in the 4x200m relay, and is also competing in the 200m individual medley and both medley relays later this week.