Key Insights:
- Morgan Stanley submitted a charter to the OCC of a national trust bank on February 18.
- The trust bank would provide fiduciary and digital asset custody services to its clients.
- The OCC opened a public comment period and has not yet issued a decision.
Morgan Stanley’s national trust bank charter application has been filed with the Office of the Comptroller of the Currency (OCC), the bank’s first move towards a digital asset strategy.
Morgan Stanley National Trust Bank Charter and OCC Review Process
According to a public filing, the OCC received the application on February 18 under the name “Morgan Stanley Digital Trust, National Association.” The filing seeks approval for a de novo national trust bank charter that would allow the institution to provide fiduciary services, including digital asset custody, to its clients.
The OCC confirmed receipt of the application and opened a public comment period running through March 20. The application is listed on the OCC website as a request for a new national charter for a trust bank operating under a holding company structure. The proposed entity would be established as an indirect wholly owned subsidiary of Morgan Stanley Capital Management.
The Morgan Stanley national trust bank charter filing places the Wall Street institution among a group of financial and crypto-native firms seeking federal trust status.
Moreover, a national bank trust charter authorizes an institution to engage in fiduciary activities, including trust administration, custody, and asset safekeeping. The term “de novo” indicates that the bank would be newly created rather than acquired through an existing charter. The agency has stated that national trust banks may engage in both fiduciary and certain non-fiduciary activities, including custody and safekeeping services, provided they do not accept deposits.
The Morgan Stanley national trust bank charter would therefore allow the proposed entity to operate within those parameters. This application follows 14 de novo bank charter applications in 2025. The proposed trust bank would target clients of Morgan Stanley Wealth Management, including individuals, businesses, and institutions.
Moreover, services would be based on fiduciary administration and custody of digital assets. Such transactions involve buying, selling, transferring, and staking of digital assets on behalf of clients to carry out investment activities.
Growing Digital Asset Strategy between Business Lines.
The Morgan Stanley national trust bank charter application is part of the company’s sequence of crypto-related initiatives. In recent months, the bank has expanded its digital asset offerings across multiple business lines.
Additionally, Morgan Stanley launched exchange-traded funds (ETFs) tracking Bitcoin, Ethereum, and Solana last month. It later filed for a staked Ether ETF. The firm has also announced plans to introduce crypto trading services for its E-Trade clients during the year, beginning with Bitcoin, Ethereum, and Solana.
In addition, Morgan Stanley has already made Bitcoin investment exposure available to all of its wealth management clients through crypto ETFs. The firm is also working to launch a crypto wallet for custody and tokenized assets.
Industry Applications to National Trust Bank.
Morgan Stanley, with its filing, becomes part of the group of firms that have applied to the National Trust Bank to increase digital asset services. The applications of Ripple, Circle, and Crypto.com have been approved on a conditional basis as part of their trust charter applications.
In the meantime, Coinbase and Trump-related World Liberty Financial (WLFI) await a ruling on their application. However, the Morgan Stanley national trust bank charter would form a federally chartered institution that would provide fiduciary digital assets services under the OCC. If approved, the trust bank would operate as a newly established national association within the Morgan Stanley corporate structure.
The OCC’s confirmation of receipt and the opening of the public comment period represent the initial procedural steps in the review process. The agency has not yet issued a determination regarding the application.
