Morgan Stanley applies for OCC bank charter to formalize digital asset banking operations and to expand its digital currency services.
America’s multinational investment bank Morgan Stanley has filed a de novo national trust bank charter application with the Office of the Comptroller of the Currency (OCC) to establish a specialized digital asset trust bank. The bank intends to use the business to simplify trading and staking for its investment clients. The company will have its headquarters in Purchase, New York, and provide services throughout the United States.
A national bank trust charter permits a financial institution to perform fiduciary functions such asset safekeeping, custody, and trust services. "De novo," which means "anew" in Latin, refers to something that has been developed from scratch as opposed to something that has been acquired.
The charter would provide the bank the authority to operate as a fiduciary, providing custody and asset protection in addition to managing sales, purchases, swaps, and transfers to manage client portfolios, including staking, if the application is approved. The project formally broadens the company's cryptocurrency goals and supports a larger movement by Wall Street organizations to incorporate digital assets into conventional banking methods.
Morgan Stanley’s head of digital assets, Amy Oldenburg said that the bank aims to build in-house infrastructure and reduce reliance on third-party technology. Additionally, the development strengthens the continued convergence of digital asset technology and traditional financial services, a trend that may have an impact on customer expectations, risk management procedures, and product design throughout the industry.
After 14 de novo bank charter applications in 2025, this is Morgan Stanley's first trust charter with a crypto-specific focus. In the United States, the OCC oversees about 60 national trust banks. The OCC encourages de novo charters while advocating for explicit risk controls and regulatory safeguards, seems to be creating an environment where banks that adopt digital assets can take on significant responsibilities in custody, settlement, and intricate cryptocurrency transactions.
