Morgan Stanley, one of the largest financial institutions in the United States, has taken a significant step towards expanding its cryptocurrency business. According to a public filing with the U.S. Office of the Comptroller of the Currency (OCC), the firm submitted an application for a national trust bank charter in February 2026 under the proposed subsidiary Morgan Stanley Digital Trust, National Association.
The national trust bank charter would allow the unit to provide fiduciary services such as custody and asset management, rather than traditional banking activities like deposit-taking or lending. This would enable Morgan Stanley to legally hold, trade, and support digital assets on behalf of its clients.
The move is part of a broader surge in similar applications, with at least 14 new trust bank filings tied to crypto services received by the OCC in 2025. Several firms, including crypto platforms and fintechs, have also pursued charters to expand regulated custody capabilities.