Morgan Stanley Seeks OCC Charter for Crypto Custody

• Morgan Stanley applied for a national trust bank charter focused on crypto custody.
• The bank plans to support digital asset trading, transfers, and staking.
• The move aligns with its recent ETF filings for Bitcoin, Ether, and Solana.

Morgan Stanley has applied for a de novo national trust bank charter with the Office of the Comptroller of the Currency (OCC), signaling a deeper push into digital asset services. The application, filed under the name “Morgan Stanley Digital Trust, National Association,” would allow the firm to custody cryptocurrencies and provide related fiduciary services.

The filing confirms that the OCC received the application on Feb. 18. If approved, the new entity would operate as a federally regulated trust bank focused on digital assets.

Expanding Into Crypto Custody

A national trust bank charter authorizes institutions to provide fiduciary services such as custody, asset safekeeping, and trust management. Under its proposed structure, Morgan Stanley would hold digital assets on behalf of clients and execute purchases, sales, swaps, and transfers tied to investment strategies.

Reports indicate that the subsidiary also plans to support crypto staking. This feature would allow eligible clients to earn network rewards on supported proof-of-stake assets.

The “de novo” structure means Morgan Stanley seeks to establish a newly created entity rather than acquire an existing institution. The move marks the firm’s first trust charter application specifically focused on cryptocurrency services.

Currently, the OCC oversees about 60 national trust banks. In 2025 alone, there were 14 de novo bank charters that were requested.

Industry Rush for Federal Charters

Morgan Stanley is joining a list of other companies that are seeking federal oversight. In December, the OCC granted conditional approvals to several crypto-focused trust banks, including Ripple, BitGo, and Fidelity Digital Assets.

Stripe-owned stablecoin platform Bridge recently secured conditional approval for its own national trust bank charter. Crypto.com and Payoneer have also submitted similar applications.

Federal trust charters offer regulatory clarity and the ability to operate anywhere in the country. For institutions that expand to digital assets, the charter minimizes the need to deal with state regulations.

Doubling Down on Digital Asset Strategy

Morgan Stanley has accelerated its crypto initiatives in recent months. In January, the firm appointed equity markets executive Amy Oldenburg to lead its digital asset unit.

The bank has also posted job openings for roles such as digital assets strategy director and digital assets product lead. These hires signal long-term institutional commitment rather than exploratory positioning.

In addition to custody services, Morgan Stanley filed to launch spot Bitcoin and Solana exchange-traded funds earlier this year. The firm later submitted an application for a staked Ether ETF.

These filings reflect growing institutional demand for regulated crypto exposure. By attaining a trust charter, Morgan Stanley would essentially bring custody, trading, and investment services under a single umbrella.

The application is subject to regulatory approval. If approved, the Wall Street behemoth would look to enhance its position in the market in terms of its ability to bridge traditional finance and blockchain-based assets.

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