• Morgan Stanley applied for a national trust bank charter to expand its digital asset custody services.
• The proposed trust bank will support crypto trades transfers staking and client investment activity.
• Crypto firms are increasingly seeking federal trust charters to operate under OCC supervision.

Morgan Stanley has applied for a de novo national trust bank charter to expand its digital asset services. The application was received by the Office of the Comptroller of the Currency on Feb. 18. The filing lists the entity as Morgan Stanley Digital Trust, National Association. The move aligns with the bank’s broader push into crypto markets.

A public filing confirms the proposed unit will operate as a national trust bank. The structure allows the institution to hold digital assets for clients. In addition, it can execute purchases, sales, swaps and transfers. The subsidiary also plans to support crypto staking for investment purposes.

A national trust bank charter permits fiduciary activities such as custody and asset safekeeping. The term de novo means the bank creates a new entity rather than acquiring one. Therefore, Morgan Stanley is building this unit from scratch. This marks its first trust charter focused specifically on crypto.

The application follows a rise in crypto-related charter requests this year. Regulators have received 14 de novo bank charter applications in 2025. Around 60 national trust banks currently operate under OCC supervision in the United States. As a result, competition for regulatory approval continues to increase.

Crypto Firms Seek Federal Bank Status

Several digital asset firms have also pursued national trust bank charters. In December, the OCC conditionally approved five crypto-related applications. These included First National Digital Currency Bank, Ripple, BitGo, Fidelity Digital Assets and Paxos. Each seeks to operate under federal oversight.

Earlier this month, Stripe-owned stablecoin platform Bridge secured conditional approval for a similar charter. Soon after, Crypto.com announced it had received conditional approval as well. Meanwhile, Payoneer disclosed that it filed its own application. The company aims to issue a stablecoin and expand crypto services if approved.

Consequently, large financial institutions and crypto-native firms now compete under the same regulatory framework. Federal trust charters offer clearer supervision and expanded custody powers. They also allow firms to serve institutional clients with greater credibility.

Morgan Stanley Expands Digital Asset Strategy

Morgan Stanley has intensified its crypto strategy in recent months. In January, it appointed equity markets executive Amy Oldenburg to lead its new crypto unit. The bank also posted several digital asset roles on LinkedIn. These include digital assets strategy director and product lead positions.

Moreover, the investment bank filed to launch spot Bitcoin and Solana exchange-traded funds in January. It later submitted a filing for a staked Ether exchange-traded fund. These steps reflect a broader effort to integrate digital assets into mainstream offerings. The proposed trust bank would support these investment products with in-house custody and transaction services.