TLDR:

• Morgan Stanley manages ~$9.3T in assets and filed for a national trust bank charter to custody crypto.
• The charter could allow staking services alongside direct custody for its 18 million clients.
• Morgan Stanley previously described Ripple as a leading SWIFT alternative for international payments.
• Citi is also building crypto infrastructure as institutional adoption accelerates across Wall Street.

Morgan Stanley is making a direct push into digital asset infrastructure. The firm, managing roughly $9.3 trillion in client assets, has reportedly filed for a national trust bank charter. 

The move would allow it to custody Bitcoin and other cryptocurrencies at a bank-grade level. It could also open the door for client staking services.

Morgan Stanley Moves Toward Direct Crypto Custody With Trust Bank Filing

The filing marks a clear step beyond simple crypto access. Most Wall Street firms have previously relied on third-party custodians. This charter would let Morgan Stanley hold digital assets directly on behalf of clients.

That distinction matters. Custody is the foundation of institutional crypto infrastructure. Control over custody means control over client assets and the yield those assets can generate.

The firm serves approximately 18 million clients. Even a modest allocation shift across that base could move significant capital into crypto markets, according to commentary shared by crypto analyst account CryptosRus on X.

Morgan Stanley has followed a visible pattern. Access came first, then custody infrastructure, and now potentially staking yield. The progression mirrors how traditional financial services firms have historically absorbed new asset classes.

XRP and Bitcoin Both Surface as Morgan Stanley Builds Crypto Rails

Morgan Stanley’s prior statements have drawn attention alongside the charter news. The firm previously described Ripple as a leading alternative to SWIFT for international payments, according to @markchadwickx on X.

Internal documentation, as cited in the same post, reportedly noted XRP’s efficiency compared to Bitcoin and its closer alignment with how traditional banks currently operate. Morgan Stanley has not publicly confirmed those specific internal assessments.

Bitcoin remains central to the custody application. The charter, if approved, would position the firm to facilitate client purchases and swaps across multiple digital assets.

The filing comes as Washington edges closer to potential regulatory clarity. The Clarity Act has been referenced in financial circles as a framework that could formalize how institutions handle digital assets.

Other major players are also moving. Citi has been building out its own crypto infrastructure in parallel, adding further weight to the broader institutional trend.