Morgan Stanley has taken a significant step into digital asset services by filing an application for a national trust bank charter with the Office of the Comptroller of the Currency. The filing, submitted on Feb. 18, proposes the creation of Morgan Stanley Digital Trust, National Association, a de novo trust bank headquartered in Purchase, New York.
Regulatory Structure: A Federally Supervised Trust Bank
According to the application, the trust bank will not accept FDIC-insured deposits. Instead, it will focus on fiduciary administration and asset safekeeping. The entity will operate as an indirect wholly owned subsidiary of Morgan Stanley Capital Management. The OCC confirmed receipt on Feb. 18 and opened a public comment period through March 20. During its first three years, the trust will custody select digital assets and execute related transactions.
Services: Custody, Trading, Swaps, Transfers, and Staking
Morgan Stanley stated the trust will serve its wealth management clients, including individuals, businesses, and institutional investors. Services will cover crypto purchases, sales, swaps, transfers, and staking, all performed on a fiduciary basis to support broader investment strategies—not retail trading. The filing notes that national trust banks can conduct non-fiduciary custody activities without taking deposits.
Timing and Context: OCC's Growing Acceptance of Crypto Trusts
This application follows a wave of OCC approvals for crypto-related trust banks. In December 2025, the OCC conditionally approved BitGo, Fidelity Digital Assets, Paxos, and Ripple. Morgan Stanley has also expanded into crypto ETFs, tokenized offerings, and plans to launch crypto trading for E-Trade clients later this year, initially covering Bitcoin, Ethereum, and Solana. Bloomberg ETF analyst Eric Balchunas noted that the filing signals a deeper commitment to crypto access, given Morgan Stanley's large advisor network and client base. The OCC currently supervises about 60 national trust banks across the United States.