Scope
of
proposed
operations
Expanding
digital
asset
strategy:
Bitcoin,
Solana
and
XRP
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Morgan
Stanleyhas
submittedan
application
to
establish
a
national
digital
asset
trust
bank,
marking
another
step
in
the
firm’s
expanding
involvement
in
the
crypto
sector.
According
to
a
public
listing
from
the
Office
of
the
Comptroller
of
the
Currency
(OCC),
the
bank
received
Morgan
Stanley’s
application
on
February
18,
2026.
The
proposed
entity,
named
Morgan
Stanley
Digital
Trust,
National
Association
(MSDTNA),
would
operate
as
a
federally
chartered
trust
institution
focused
on
digital
asset
services.
The
OCC
has
published
non-confidential
portions
of
the
business
plan.
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Scope
of
proposed
operations
The
filing
outlines
plans
for
the
trust
bank
to
provide
custody
services
for
certain
digital
assets,
along
with
execution
of
purchases,
sales,
swaps,
and
transfers
to
support
client
investment
activities.
The
entity
would
also
facilitate
fiduciary
staking
services
on
behalf
of
clients.
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While
the
trust’s
main
office
would
be
located
in
Purchase,
New
York,
the
services
are
intended
to
be
offered
nationwide,
subject
to
regulatory
approval.
National
trust
bank
charters
from
the
OCC
allow
institutions
to
operate
under
federal
supervision
rather
than
relying
on
a
patchwork
of
state-level
licenses.
For
crypto-focused
firms,
this
structure
can
provide
a
standardized
compliance
framework
for
custody
and
fiduciary
activities.
Morgan
Stanley’s
application
follows
a
wave
of
conditional
approvals
issued
by
the
OCC
in
late
2025
and
early
2026.
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In
December
2025,
the
regulator
granted
conditional
approval
for
crypto-focused
national
trust
charters
to:
Circle
(First
National
Digital
Currency
Bank),Ripple(Ripple
National
Trust
Bank),
BitGo,
Fidelity
Digital
Assets,
Paxos
Trust
Company.
In
February,
three
additional
firms
received
conditional
approval:
Stripe
(Bridge
National
Trust
Bank),
Crypto.com
and
Protego.
With
Morgan
Stanley’s
filing,
along
with
pending
applications
from
Coinbase
and
World
Liberty
Financial,
the
number
of
institutions
pursuing
OCC
crypto
trust
structures
continues
to
grow.
Expanding
digital
asset
strategy:
Bitcoin,
Solana
and
XRP
The
trust
bank
application
is
part
of
a
broader
digital
asset
expansion
atMorgan
Stanley.
In
January,
the
firm
appointed
Amy
Oldenburg
to
a
newly
created
role
overseeing
digital
asset
strategy.
It
has
also
filed
applications
for
exchange-traded
funds
tracking
Bitcoin,
Ethereum
(Ether),
and
Solana.
Additionally,
Morgan
Stanley
partnered
with
Zerohash
to
enable
digital
asset
trading
for
clients
of
its
E*Trade
platform,
expanding
retail
access
to
crypto
markets
through
its
brokerage
channel.
If
approved,
Morgan
Stanley
Digital
Trust
would
provide
the
firm
with
a
federally
regulated
structure
to
custody
digital
assets,
execute
transactions,
and
offer
staking
services
within
a
fiduciary
framework.
Such
capabilities
could
position
the
bank
to
serve
institutional
and
high-net-worth
clients
seeking
integrated
crypto
exposure
within
a
traditional
financial
institution.
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RippleNet
usesXRPas
a
bridge
currency
to
process
cross-border
payments
in
seconds.
The
traditional
SWIFT
system,
on
the
other
hand,
can
take
several
days,
is
expensive,
fragmented,
and
heavily
dependent
on
intermediary
banks.
Morgan
Stanley
indirectly
confirms
the
narrative
that
Ripple
has
been
pursuing
for
years:
that
XRP
is
not
just
a
cryptocurrency,
but
a
technological
tool
for
increasing
efficiency
in
global
payments.
Amy
Oldenburg,
Morgan
Stanley’s
head
of
digital
assets
strategy,
appeared
February
24–25
at
the
Bitcoin
For
Corporations
conference
in
Las
Vegas.
In
a
fireside
chat
with
Strategy
CEO
Phong
Le,
Oldenburg
agreed
with
Le’s
statement
that
“if
there
was
a
company
that
could
‘orange
pill’
the
world,
it
would
be
Morgan
Stanley.”
On
January
6,
2026,
the
firmfiledan
S-1
for
a
Morgan
Stanley
Bitcoin
Trust
ETF,
along
with
similar
products
for
ether
and
Solana.
In
October
2025
it
removed
prior
restrictions
on
what
type
of
clients
could
invest
in
exchange-traded
products
(ETPs),
allowing
financial
advisors
to
offer
cryptocurrency
funds
to
all
clients
in
any
account
type,
including
retirement
accounts.
Previously,
only
clients
with
at
least
$1.5
million
in
asssets
and
an
aggresive
risk
tolerance
could
be
sold
crypto
ETPs.