Morgan Stanley has submitted an application to the Office of the Comptroller of the Currency for a national trust bank charter, marking its latest move to formalize its digital asset strategy under federal supervision.

The proposal seeks to establish Morgan Stanley Digital Trust National Association, a wholly owned subsidiary based in Purchase, New York. If approved, the entity would operate as a de novo national trust bank focused on crypto custody and related fiduciary services.

The charter would allow the firm to custody digital assets, facilitate token purchases and transfers tied to client investments, and support staking services on a fiduciary basis. Unlike a full-service commercial bank, a national trust bank does not take deposits or issue traditional loans, but it can provide custody and trust services under federal oversight.

The move builds on Morgan Stanley’s expanding crypto footprint. The firm, which manages about $9 trillion in client assets, began offering bitcoin investment funds to certain wealth management clients in 2021 and expanded trading access through its E*Trade platform in 2025. In January 2026, it filed for spot bitcoin, solana, and ethereum exchange-traded funds (ETFs) and appointed Amy Oldenburg as head of digital asset strategy.

The trust bank structure would also bring more crypto activity in-house. Morgan Stanley previously partnered with Zerohash to power digital asset trading for E*Trade clients. A federally chartered subsidiary could centralize custody, trading support and staking within a regulated framework, potentially reducing reliance on third-party providers.

The application arrives amid a broader institutional shift. Traditional finance firms increasingly are seeking regulatory approvals to handle digital assets directly, rather than outsourcing custody to crypto-native companies. Supporters argue that federal oversight may bolster investor confidence and standardize compliance practices.

Still, approval is far from automatic. The OCC’s review process includes a public comment period, which runs through March 20, 2026. Regulators will evaluate capital requirements, risk controls and compliance systems before granting or denying the charter.

If approved, Morgan Stanley would join a competitive field that includes established custodians such as BNY Mellon and State Street, both of which already provide digital asset services to institutional clients. The firm’s scale and existing client relationships could give it an edge as more asset managers seek regulated exposure to crypto markets.

The initiative also reflects growing interest in adjacent services such as Bitcoin-backed lending and yield products. Executives have described these offerings as natural extensions of the firm’s digital asset roadmap, though they come with additional regulatory and risk considerations.

Several reports over the last two years note that increased institutional participation may contribute to more standardized oversight and operational safeguards. At the same time, banking groups have raised concerns about competitive balance and whether newer entrants into crypto custody face the same supervisory burdens as traditional banks.

For Morgan Stanley, the filing signals a clear intent: digital assets are no longer a side experiment. They are moving closer to the core of Wall Street’s regulated machinery — one charter application at a time.

• What did Morgan Stanley apply for?
  Morgan Stanley applied to the OCC for a national trust bank charter to launch a digital asset custody subsidiary.
• What services could the new trust bank provide?
  It could offer crypto custody, token transfers, trading support and staking under federal oversight.
• When was the application filed?
  The application was submitted Feb. 18, 2026, with a public comment period ending March 20, 2026.
• Why is this significant for U.S. crypto markets?
  It reflects a broader institutional push to bring digital asset services into regulated banking structures.

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