Morgan Stanley applies for OCC Bank Charter to Custody Crypto Assets

Morgan Stanley is moving deeper into digital assets by pursuing a de novo national trust charter that would let the firm custody crypto assets for clients and facilitate related trading activities. A public filing with the Office of the Comptroller of the Currency on February 18 identifies the applicant as “Morgan Stanley Digital Trust, National Association.” If approved, the charter would empower the bank to act as a fiduciary, offering custody and asset safekeeping, as well as handling purchases, sales, swaps and transfers to support client portfolios, including activities such as staking. The initiative marks a formal expansion of the firm’s crypto ambitions and aligns with a broader push among Wall Street institutions to embed digital assets into traditional banking models. Bitcoin (CRYPTO: BTC) and Solana (CRYPTO: SOL) figures loom large in the charter’s contemplated scope, signaling Morgan Stanley’s intent to cover both base assets and more complex crypto strategies under a regulated umbrella.

The bank’s business outline emphasizes that the de novo trust would custody digital assets on behalf of clients, execute trades, and support investment activities across a spectrum of crypto products, including staking services. In practice, that means the unit would be positioned to handle fiduciary duties for crypto assets, while offering a suite of services common to traditional trust operations—trust accounts, safekeeping, and other custody functions—tailored to digital assets. While the document remains the initial filing stage, the emphasis on custody, transfers and staking underscores a trend toward regulated, bank-based crypto infrastructure rather than standalone crypto-only firms.

This charter would mark Morgan Stanley’s first trust filing with a crypto-specific focus, following a wave of other de novo applications that emerged in 2025. The OCC oversees roughly 60 national trust banks in the United States, and the agency has been weighing how best to supervise crypto-focused custody among legacy financial players. The development sits within a broader, growing race to secure national trust banking charters related to digital assets. In December, the OCC conditionally approved five crypto-related national trust bank applications, including First National Digital Currency Bank, Ripple, BitGo, Fidelity Digital Assets and Paxos, signaling a warming yet tightly regulated path for institutions seeking regulated custody of crypto assets for clients.

As the hunt for crypto-banking licenses intensifies, other prominent approvals have flowed in recent months. Stablecoin-focused platforms Bridge, owned by Stripe, announced it had received conditional approval for a national trust bank charter, which was subsequently followed by Crypto.com’s own charter developments. The rapid succession of approvals highlights the OCC’s willingness to grant governance access to entities building regulated crypto rails, while simultaneously raising questions about standards, custodial practices and risk controls across a rapidly expanding ecosystem. The broader policy backdrop includes ongoing discussions about how to resolve questions around stablecoins, yield, and reserve management—issues that the OCC has signaled it intends to address through proposed rulemaking and clarifications for crypto-related banking activities.

Morgan Stanley’s deeper crypto push is reinforced by internal leadership moves and recruitment drives. In January, the bank elevated equity markets veteran Amy Oldenburg to lead its new digital asset unit, a signal of the firm’s intent to scale up expertise in tokenized strategies and custodial services. Public job postings show the bank aiming to grow its crypto team with roles such as digital assets strategy director and digital assets product lead, underscoring a structured, long-term commitment to crypto capabilities. Beyond staffing, Morgan Stanley has been pursuing a broader slate of crypto products, including exchange-traded funds tied to major crypto assets. The firm filed in January to launch spot Bitcoin and Solana ETFs, and later sought approval for a staked Ether ETF, underscoring a multi-asset approach that blends traditional finance with digital-native instruments.

The current filing and related moves illuminate a strategic shift at Morgan Stanley, reflecting both client demand for regulated exposure to crypto and the bank’s appetite to own a larger piece of the crypto value chain. The OCC’s evolving stance—facilitating de novo charters while pushing for clear risk controls and regulatory guardrails—appears to be shaping a landscape in which banks that embrace digital assets can build outsized roles in custody, settlement, and complex crypto transactions. For Morgan Stanley and peers, the practical implications go beyond branding; they are about creating a regulated, scalable platform that can support a wide array of crypto activities within the bank’s existing risk management and compliance framework.

Yet this environment remains nuanced. The OCC’s charters come with explicit expectations around fiduciary obligation, customer protections and robust governance. The broader debate around stablecoins—how they should be regulated, how yields should be treated, and how reserve backing is managed—continues to shape how these charters are structured and what activities are permitted. The agency has floated proposals and engaged with market participants on these issues, signaling that while the path to crypto custody within a bank charter is becoming clearer, it is not yet fully settled. As Morgan Stanley and others push forward, observers will be watching how the regulators balance innovation with resilience, liquidity management and systemic risk considerations.

Why it matters

The filing signals a significant step in the normalization of digital asset custody within mainstream financial institutions. If approved, Morgan Stanley would be among a cohort of banks offering regulated fiduciary services for crypto holdings, moving beyond advisory relationships into direct custody and execution capabilities tied to client portfolios. This could reduce friction for institutional investors seeking regulated exposure to digital assets and related strategies, potentially expanding the addressable market for crypto products within traditional wealth management and brokerage channels.

For the broader market, the move contributes to a more formalized, bank-led crypto infrastructure. The OCC’s involvement and the concurrent approvals of other crypto-focused national trust banks suggest a maturing regulatory pathway for custody, settlement and staking services—areas where risk controls and compliance frameworks are crucial. As regulated options proliferate, custody and financing arrangements may become more accessible to a wider audience, including sophisticated institutional players who require strong governance, transparent reserve practices and clear accountability. The development also reinforces the ongoing convergence between conventional financial services and digital asset technology, a trend that could influence product design, risk management practices and client expectations across the sector.

From a user perspective, a Morgan Stanley-led custody capability could translate into more integrated experiences: secure storage, easier access to a range of crypto products, and the potential to combine digital asset strategies with traditional portfolios under a single risk framework. For builders and policymakers, the evolving charter landscape underscores the need for clear standards around custody, custody risk, liquidity, settlement finality and disclosure. It also highlights the role of banks in providing the operational depth necessary to support regulated crypto markets, which could help attract more capital and liquidity into the sector while reassuring risk-conscious investors.

What to watch next

• OCC decision on Morgan Stanley Digital Trust, National Association’s de novo charter filing (watch for a published decision in the coming months).
• Reactions and approvals for other crypto-related national trust banks (Bridge, Paxos, Fidelity Digital Assets, Ripple, BitGo) and any new entrants (regulatory filings and conditional approvals).
• Morgan Stanley’s ongoing ETF filings and product launches related to BTC, SOL and ETH, including any updates to staking-related offerings.
• Regulatory developments around stablecoins and yield in the OCC framework, including any finalized clarifications or policy proposals that could influence custody charter risk controls.

SOURCES & verification

• Office of the Comptroller of the Currency: Filing details for Morgan Stanley Digital Trust, National Association — https://apps.occ.gov/CAAS_CATS/CAAS_Details.aspx?FilingTypeID=2&FilingID=344925&FilingSubtypeID=1093
• Forbes: 8 trillion Morgan Stanley quietly files for national trust charter — https://www.forbes.com/sites/jasonbrett/2026/02/27/8-trillion-morgan-stanley-quietly-files-for-national-trust-charter/
• Bloomberg: To Goldman with Love, Lloyd Blankfein’s life on Wall Street — https://www.bloomberg.com/news/articles/2026-02-27/to-goldman-with-love-lloyd-blankfein-s-life-on-wall-street
• Morgan Stanley appoints digital asset head Amy Oldenburg — https://cointelegraph.com/news/morgan-stanley-appoints-digital-asset-head-amy-oldenburg
• Morgan Stanley files Bitcoin and Solana ETFs — https://cointelegraph.com/news/morgan-stanley-files-bitcoin-solana-etf

Key takeaways

• Morgan Stanley filed on February 18 for a de novo national trust charter named Morgan Stanley Digital Trust, National Association, with the OCC to custody digital assets and execute related trades and transfers for clients.
• The filing follows a wider OCC-driven wave of crypto-charter activity, including December approvals for First National Digital Currency Bank, Ripple, BitGo, Fidelity Digital Assets and Paxos, and other recent charter events involving Bridge and Crypto.com.
• The bank’s plan emphasizes custody, safekeeping and staking, signaling a broader strategy to embed crypto services within traditional banking infrastructure.
• Internal leadership moves underscore a scaling effort: Amy Oldenburg was appointed to lead the new crypto unit, and job postings indicate a broader recruitment drive for crypto-focused roles.
• Beyond custody, Morgan Stanley has pursued crypto product initiatives, including ETF filings for BTC and SOL, followed by a staked Ether ETF filing, illustrating a diversified, multi-asset approach.

Tickers mentioned: $BTC, $ETH, $SOL

Sentiment: Neutral

Market context: The filing sits within a widening regulatory and market push to normalize crypto custody within regulated banking channels, as the OCC signals cautious expansion of crypto-enabled services alongside ongoing debates on stablecoins and risk controls.

Why it matters

The development highlights a path to regulated, bank-led crypto custody that could lower barriers for institutional investors seeking compliant exposure. If approved, Morgan Stanley could offer integrated custody and execution services for digital assets within a framework that aligns with existing risk and compliance practices, potentially attracting more capital to crypto strategies managed under traditional financial oversight.

For market participants, this trend may translate into more predictable custody standards and greater liquidity for crypto products distributed through major banks. It also reinforces the importance of robust governance, reserve management and transparency as crypto services migrate from boutique fintechs to mainstream financial institutions. Regulators’ ongoing work—balancing innovation with financial stability—will shape how quickly and where such charter-enabled services scale in the near term.

Ultimately, Morgan Stanley’s push, alongside concurrent approvals and ETF filings, suggests that the line between traditional banking and digital asset services is continuing to blur. Investors and builders should monitor regulatory updates, endorsements by the OCC, and any official guidance that clarifies permissible activities, reserve requirements and disclosure norms for crypto custodians operating under national trust charters.

This article was originally published as Morgan Stanley applies for OCC Bank Charter to Custody Crypto Assets on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.