Morgan Stanley has applied for a de novo national trust bank charter, enabling the bank to hold digital assets for its clients. The application, submitted to the Office of the Comptroller of the Currency (OCC) under the name "Morgan Stanley Digital Trust, National Association," signals a significant expansion into the cryptocurrency sector.
The subsidiary plans to custody certain digital assets and execute purchases, sales, swaps, and transfers to support client investment activities, including crypto staking. This move follows a trend of financial institutions seeking OCC approval for crypto-focused trust banks.
Morgan Stanley has been increasingly active in the digital asset space, appointing a head for its new crypto unit and advertising for various digital asset strategy and product lead positions. The bank has also filed to launch spot Bitcoin and Solana exchange-traded funds, along with a staked Ether ETF.