Morgan Stanley Submits Application to Set Up Crypto Trust

Morgan Stanley has taken another big step into the world of cryptocurrencies. On February 18, 2026, the financial giant submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a federally chartered digital asset trust bank. The proposed bank, called Morgan Stanley Digital Trust, National Association (MSDTNA), aims to provide digital asset services to clients across the United States under federal supervision.

The new trust bank is planned to offer a variety of services. It would provide secure custody for digital assets and allow clients to buy, sell, swap, and transfer cryptocurrencies. In addition, the bank intends to offer fiduciary staking services, which means it can manage digital assets on behalf of clients and help them earn rewards. Although the main office would be in Purchase, New York, the services are intended to reach clients nationwide once approved.

Federal trust charters like this allow banks to operate under a single, consistent set of rules instead of dealing with different regulations in each state. This makes it easier for crypto-focused institutions to operate legally and safely.

Morgan Stanley joins a growing list of firms seeking similar charters. Other companies such as Circle, Ripple, BitGo, Fidelity Digital Assets, Paxos, Stripe, Crypto.com, and Protego have already received conditional approvals, and more applications from Coinbase and World Liberty Financial are still pending.

This move is part of Morgan Stanley’s larger strategy to expand into digital assets. The firm recently created a new role for Amy Oldenburg to lead its digital asset strategy. It has also applied for exchange-traded funds (ETFs) that track Bitcoin, Ethereum, and Solana.

On the retail side, Morgan Stanley partnered with Zerohash to allow clients of its E*Trade platform to trade digital assets, making cryptocurrency more accessible to everyday investors. In addition, the firm removed previous restrictions on who could invest in crypto exchange-traded products, opening access to all clients, including retirement accounts.

Morgan Stanley’s interest in digital assets also has implications for Ripple and its cryptocurrency, XRP. Ripple uses XRP to make cross-border payments faster and cheaper than traditional systems like SWIFT, which can be slow and expensive. By including digital assets in its federally regulated offerings, Morgan Stanley indirectly supports the idea that cryptocurrencies can serve real technological purposes beyond investment.

If approved, Morgan Stanley Digital Trust would give the bank a strong, regulated framework to manage digital assets, execute transactions, and provide staking services. It positions the firm to meet the growing demand from institutional and high-net-worth clients seeking secure and professional access to the cryptocurrency market. This step reflects the increasing role of traditional financial institutions in bringing legitimacy and stability to the world of digital finance.

For firms like Riot Blockchain Inc. (NASDAQ: RIOT), the steps that major banks like Morgan Stanley are taking to become chartered operators of digital trusts confirm that the time has come for crypto to penetrate market segments that had previously been unreachable.

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