$8 Trillion Banking Giant Morgan Stanley Accelerates Foray Into Crypto, Applies For Bank Charter To Custody Digital Assets ⋆ ZyCrypto

Morgan Stanley, which oversees roughly $8 trillion in assets, has filed an application for a de novo national trust bank charter, a regulatory step that would enable the Wall Street behemoth to hold digital assets on behalf of clients — signaling a further institutional embrace of crypto.

According to a filing with the Office of the Comptroller of the Currency,  the application for a national trust bank charter was officially received on Feb. 18 under the name “Morgan Stanley Digital Trust, National Association.”

The Wall Street heavyweight reportedly said the charter would allow it to expand its digital asset capabilities beyond custody into staking, while also handling purchases, sales, swaps, and transfers on behalf of clients.

A national trust bank charter permits a financial institution to perform fiduciary activities, including trust services, custody, and asset safekeeping. The term “de novo” — Latin for “anew” — indicates that the entity is newly established rather than acquired.

The development marks an evolution in Morgan Stanley’s digital asset posture. After years of measured engagement, the firm has adopted a more proactive approach to crypto — aligning with a sweeping shift across Wall Street as traditional finance deepens its digital asset exposure.

Earlier in January, Morgan Stanley moved to launch spot Bitcoin, Solana, and a staked Ether exchange-traded funds (ETFs), while exploring wallet technology across its wealth platform.

The Crypto Bank Charter Race Is On

In December, the Office of the Comptroller of the Currency conditionally approved five applications for crypto-focused national trust banks, including Ripple, Circle, BitGo, Fidelity Digital Assets, Paxos, and First National Digital Currency Bank.

Stripe-owned stablecoin platform Bridge also won initial approval for a national trust bank earlier this month — a milestone soon matched by Crypto.com on Monday.

This wave of approvals comes under President Donald Trump’s administration, which has signaled greater support for the fast-growing crypto industry.

The crypto industry has long faced challenges accessing banking services in the U.S., often clashing with regulators and large financial institutions accused of debanking the sector. Under the Trump regime, efforts have been made to roll back rules and banking actions that targeted crypto businesses.