Morgan Stanley Seeks National Trust Bank Charter to Offer Crypto Custody Services
New York, Feb. 28 2026 – Morgan Stanley has submitted a de novo application to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter that would enable the firm to hold and service digital assets on behalf of its clients. The filing, made under the name Morgan Stanley Digital Trust, National Association, was received by the OCC on Feb. 18 and marks the investment bank’s latest step in scaling its cryptocurrency‑related offerings.
What the charter would allow
A national trust bank charter authorizes a financial institution to conduct fiduciary activities such as custodial safekeeping, trust administration and asset management. If approved, Morgan Stanley’s new subsidiary would be permitted to:
- Custody a range of digital assets, including tokens and stablecoins, for institutional and high‑net‑worth clients.
- Execute purchases, sales, swaps and transfers of those assets as part of client investment strategies.
- Provide staking services, allowing clients to earn yields on supported proof‑of‑stake networks.
The application is the firm’s first trust charter explicitly focused on crypto. It follows a broader industry trend in which traditional banks and fintechs are seeking OCC‑granted charters to operate under a clear regulatory framework for digital‑asset activities.
Context: A “rush” for crypto‑friendly bank charters
The OCC has been gradually opening the door for crypto services within the U.S. banking system. In December 2025, it conditionally approved five applications for crypto‑related national trust banks, including entities such as First National Digital Currency Bank, Ripple, BitGo, Fidelity Digital Assets and Paxos. More recently, platforms backed by Stripe (Bridge) and Crypto.com have received similar conditional approvals, while Payoneer has filed its own charter request to potentially issue a stablecoin.
There are roughly 60 national trust banks currently supervised by the OCC, and the addition of a major Wall Street player could further validate the model of regulated crypto custody within the traditional banking sector.
Morgan Stanley’s broader crypto push
The charter filing is part of a rapid expansion of Morgan Stanley’s digital‑asset capabilities:
- Leadership hire: In January, the firm appointed Amy Oldenburg, formerly an equity‑markets executive, to head a new crypto unit.
- Talent recruitment: Recent LinkedIn postings show the bank is building out a dedicated digital‑assets team, with roles ranging from strategy directors to product leads.
- ETF initiatives: Earlier this year Morgan Stanley filed proposals for spot Bitcoin (BTC) and Solana (SOL) exchange‑traded funds, followed by a staked Ether (ETH) ETF filing.
These moves suggest the bank is positioning itself to serve a growing demand from institutional investors for regulated exposure to cryptocurrencies and blockchain‑based assets.
Analysis
Morgan Stanley’s request for a de novo trust charter reflects both a strategic diversification effort and a response to competitive pressure from other financial institutions that have already secured similar approvals. By obtaining a national charter, the firm would benefit from:
- Regulatory clarity: Operating under an OCC‑supervised charter provides a defined compliance framework, which could reduce operational risk and reassure clients.
- Competitive differentiation: With few major U.S. banks offering full‑service crypto custody, Morgan Stanley could capture a share of the institutional market that values the credibility of a legacy Wall Street firm.
- Revenue expansion: Custody fees, staking yield sharing, and ancillary services such as trade execution and asset‑servicing could become a meaningful new line of business for the $2 trillion‑asset‑management powerhouse.
However, the application does not guarantee approval. The OCC will scrutinize the bank’s risk‑management controls, cybersecurity posture, AML/KYC procedures and capital adequacy. Any delays or conditional requirements could affect Morgan Stanley’s timeline for rolling out the described services.
Key Takeaways
| Point | Implication |
|---|---|
| Application submitted | Morgan Stanley seeks a de novo national trust charter to offer regulated crypto custody and staking. |
| Regulatory precedent | OCC has already conditionally approved several crypto‑focused trust banks, signaling a pathway for approval. |
| Strategic fit | The charter aligns with the firm’s broader push into digital assets, including ETF filings and talent acquisition. |
| Potential market impact | If granted, Morgan Stanley could become one of the few major U.S. banks providing comprehensive custodial services for institutional crypto investors. |
| Risks | Approval is not certain; the bank must meet OCC’s stringent standards for risk management and compliance. |
As the crypto ecosystem matures, the integration of digital assets into established banking structures is likely to accelerate. Morgan Stanley’s charter request will be watched closely by industry participants and regulators alike, as it could set a benchmark for how traditional finance firms embed crypto services within a U.S. regulatory framework.
Source: https://cointelegraph.com/news/morgan-stanley-applies-bank-charter-custody-trade-stake-crypto?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
