Investment giant Morgan Stanley submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank charter, which would allow the company to custody clients’ digital assets.
Morgan Stanley, one of the world’s largest investment banks, filed to establish Morgan Stanley Digital Trust, N.A., a national trust bank under the management of its holding company. The OCC license would enable the firm to create this new entity and authorize it to perform trust operations, including custodial services and asset management.
According to public information, Morgan Stanley’s subsidiary plans to provide custody for individual digital assets, as well as support client transactions such as buying, selling, exchanging, and transferring cryptocurrencies within investment activities. Operations related to crypto staking are also planned.
Demand for such licenses among crypto industry participants has been growing. In December 2025, the OCC provisionally approved five applications for national trust banks from Ripple, BitGo, Fidelity Digital Assets, and Paxos. The Bridge platform also received approval. Payment provider Payoneer reported filing for a U.S. trust bank license, potentially allowing it to issue a stablecoin and offer crypto services.
Morgan Stanley is expanding its presence in the digital asset sector. The firm is preparing to launch crypto trading for retail clients, investing around $1 billion in blockchain infrastructure development.
