Morgan Stanley Applies for National Crypto Trust: Implications for BTC and XRP

Morgan Stanley has submitted an application to establish a national digital asset trust bank, marking another step in the firm’s expanding involvement in the crypto sector.

According to a public listing from the Office of the Comptroller of the Currency (OCC), the bank received Morgan Stanley’s application on February 18, 2026.

The proposed entity, named Morgan Stanley Digital Trust, National Association (MSDTNA), would operate as a federally chartered trust institution focused on digital asset services. The OCC has published non-confidential portions of the business plan.

Scope of proposed operations

The filing outlines plans for the trust bank to provide custody services for certain digital assets, along with execution of purchases, sales, swaps, and transfers to support client investment activities. The entity would also facilitate fiduciary staking services on behalf of clients.

While the trust’s main office would be located in Purchase, New York, the services are intended to be offered nationwide, subject to regulatory approval.

National trust bank charters from the OCC allow institutions to operate under federal supervision rather than relying on a patchwork of state-level licenses. For crypto-focused firms, this structure can provide a standardized compliance framework for custody and fiduciary activities.

Morgan Stanley’s application follows a wave of conditional approvals issued by the OCC in late 2025 and early 2026.

In December 2025, the regulator granted conditional approval for crypto-focused national trust charters to: Circle (First National Digital Currency Bank), Ripple (Ripple National Trust Bank), BitGo, Fidelity Digital Assets, Paxos Trust Company.

In February, three additional firms received conditional approval: Stripe (Bridge National Trust Bank), Crypto.com and Protego.

With Morgan Stanley’s filing, along with pending applications from Coinbase and World Liberty Financial, the number of institutions pursuing OCC crypto trust structures continues to grow.

Expanding digital asset strategy: Bitcoin, Solana and XRP

The trust bank application is part of a broader digital asset expansion at Morgan Stanley.

In January, the firm appointed Amy Oldenburg to a newly created role overseeing digital asset strategy. It has also filed applications for exchange-traded funds tracking Bitcoin, Ethereum (Ether), and Solana.

Additionally, Morgan Stanley partnered with Zerohash to enable digital asset trading for clients of its E*Trade platform, expanding retail access to crypto markets through its brokerage channel.

If approved, Morgan Stanley Digital Trust would provide the firm with a federally regulated structure to custody digital assets, execute transactions, and offer staking services within a fiduciary framework. Such capabilities could position the bank to serve institutional and high-net-worth clients seeking integrated crypto exposure within a traditional financial institution.

RippleNet uses XRP as a bridge currency to process cross-border payments in seconds. The traditional SWIFT system, on the other hand, can take several days, is expensive, fragmented, and heavily dependent on intermediary banks.

Morgan Stanley indirectly confirms the narrative that Ripple has been pursuing for years: that XRP is not just a cryptocurrency, but a technological tool for increasing efficiency in global payments.

Amy Oldenburg, Morgan Stanley’s head of digital assets strategy, appeared February 24–25 at the Bitcoin For Corporations conference in Las Vegas. In a fireside chat with Strategy CEO Phong Le, Oldenburg agreed with Le’s statement that “if there was a company that could ‘orange pill’ the world, it would be Morgan Stanley.”

On January 6, 2026, the firm filed an S-1 for a Morgan Stanley Bitcoin Trust ETF, along with similar products for ether and Solana. In October 2025 it removed prior restrictions on what type of clients could invest in exchange-traded products (ETPs), allowing financial advisors to offer cryptocurrency funds to all clients in any account type, including retirement accounts.

Previously, only clients with at least $1.5 million in asssets and an aggresive risk tolerance could be sold crypto ETPs.