Morgan Stanley Seeks National Trust Bank Charter to Custody Crypto Assets
By John Nada·Feb 28, 2026·6 min read
Morgan Stanley applies for a national trust bank charter to custody crypto assets, marking a significant expansion into digital asset services.
Morgan Stanley has officially applied for a de novo national trust bank charter, enabling the financial institution to hold digital assets on behalf of its clients. This move aligns with the bank's recent expansion into cryptocurrency, as outlined in a public filing with the Office of the Comptroller of the Currency (OCC). The application, received on February 18, is under the name 'Morgan Stanley Digital Trust, National Association.'
The details released indicate that this new subsidiary will not only custody certain digital assets but also facilitate purchases, sales, swaps, and transfers to support client investment activities, including crypto staking. A national bank trust charter allows financial institutions to engage in fiduciary activities such as trust services and asset safekeeping. This regulatory framework provides a structured environment for managing digital assets, enhancing the security and trustworthiness that clients expect from established financial institutions.
This marks Morgan Stanley's first trust charter focused specifically on crypto and follows a notable increase in de novo bank charter applications in 2025. Currently, around 60 national trust banks are under OCC supervision in the U.S., and the rush for crypto bank charters has gained momentum. In December, the OCC conditionally approved five applications for crypto-related national trust banks, including firms like Ripple and BitGo, indicating a broader acceptance of digital asset custodianship within the banking framework. The approval of these applications reflects a growing recognition among regulators that cryptocurrencies can be integrated into traditional banking systems, allowing for enhanced compliance and oversight.
Morgan Stanley's increasing commitment to cryptocurrency is evident through its recent organizational changes. In January, the bank appointed Amy Oldenburg from equity markets to lead its new crypto unit, a strategic move that signifies its intent to bolster expertise in this rapidly evolving sector. The appointment of Oldenburg, an executive with significant experience in financial markets, demonstrates a serious commitment to developing a robust framework around digital assets.
Furthermore, Morgan Stanley has advertised multiple roles aimed at expanding its digital assets team, including positions like digital assets strategy director, digital assets strategist, and digital assets product lead. This aggressive hiring strategy indicates that Morgan Stanley is positioning itself to compete in the burgeoning market for cryptocurrency services, reflecting a trend among major financial institutions to build in-house capabilities for digital asset management.
In addition to these moves, Morgan Stanley has filed applications to launch exchange-traded funds (ETFs) for Bitcoin and Solana, as well as a staked Ether ETF, showcasing its strategic intent to deepen its involvement in the crypto market. By offering ETFs, Morgan Stanley aims to provide its clients with diverse investment opportunities that include cryptocurrencies, allowing them to gain exposure to this asset class without the complexities of direct ownership. This effort is part of a broader trend where traditional financial products are increasingly incorporating digital assets, catering to a growing interest among investors.
The implications of Morgan Stanley's bank charter application are significant for the financial ecosystem. As traditional financial institutions like Morgan Stanley begin to integrate crypto services, it may pave the way for broader institutional adoption of digital assets. The establishment of a national trust bank focused on cryptocurrency could set a precedent for how financial institutions interact with digital assets, potentially leading to more comprehensive regulatory frameworks that guide the industry.
This transition can enhance the legitimacy of cryptocurrencies and potentially influence regulatory frameworks as banks take on more responsibilities in managing digital assets. The integration of crypto services into traditional banking channels can foster greater trust among institutional investors, who may have previously viewed cryptocurrencies as too speculative or unregulated. By providing a regulated environment for crypto custody and transactions, Morgan Stanley could help bridge the gap between traditional finance and the digital asset world.
The rush for crypto bank charters is not limited to Morgan Stanley. Several other firms, including First National Digital Currency Bank, Ripple, BitGo, Fidelity Digital Assets, and Paxos, have also sought similar approvals from the OCC. In recent months, stablecoin platform Bridge, owned by payments processor Stripe, received conditional approval for a national trust bank, followed by Crypto.com. This growing interest from multiple players indicates a significant shift in the financial landscape as firms recognize the importance of being part of the crypto ecosystem.
Morgan Stanley’s strategic moves underscore a larger trend among financial institutions to explore digital asset offerings. The bank's proactive approach not only signals confidence in the future of cryptocurrencies but also highlights the necessity for traditional institutions to adapt to the changing landscape. As more companies seek bank charters to engage with crypto, the landscape for digital asset custody and management is set to evolve, reshaping how institutional investors view and interact with cryptocurrencies.
The establishment of a national trust bank like Morgan Stanley Digital Trust could catalyze further innovation in crypto-related financial services. With this new charter, Morgan Stanley is not just looking to increase its footprint in the cryptocurrency market; it is contributing to the foundational changes that are taking place within the financial services industry as a whole. By integrating crypto services into its offerings, Morgan Stanley is helping to create a more integrated financial system that accommodates digital assets alongside traditional investments.
As the cryptocurrency market continues to mature, traditional banks like Morgan Stanley will play a critical role in shaping the future of digital assets. Their involvement can lead to increased regulatory clarity, improved security measures, and enhanced client confidence in investing in cryptocurrencies. Moreover, by offering a suite of services that include custody, trading, and investment products, Morgan Stanley is positioning itself as a leader in the evolving digital asset landscape, poised to capture a significant share of this burgeoning market.
The efforts of Morgan Stanley reflect broader societal trends as well. As more investors, both institutional and retail, seek exposure to cryptocurrencies, the demand for regulated and secure avenues for investment will only grow. This shift may prompt further innovation in product offerings and services tailored to meet the needs of a diverse range of investors.
In this context, Morgan Stanley's application for a national trust bank charter is more than just a regulatory step; it is a strategic evolution that could have lasting implications for the future of finance. The bank's initiatives may encourage other traditional financial institutions to follow suit, creating a ripple effect that drives the entire industry towards embracing digital assets.
Ultimately, Morgan Stanley's moves in the crypto space reflect a significant shift in the financial landscape, one where digital and traditional assets coexist and complement each other. As the boundaries between these two worlds continue to blur, Morgan Stanley’s role will be pivotal in guiding clients through the increasingly complex landscape of digital asset investment.