What Does the Digital Trust Application Cover?

According to publicly available OCC documents, Morgan Stanley filed a de novo national trust bank charter application on February 18 under the name “Morgan Stanley Digital Trust, National Association.” The term “de novo” indicates the creation of an entirely new financial entity rather than the acquisition of an existing institution. This signals that the bank aims to position its crypto operations under a distinct and specialized structure. According to details shared by Bloomberg and Forbes, the planned subsidiary will provide digital asset custody services on behalf of clients, as well as facilitate buying, selling, trading, and transfer transactions. It is also reported that the company intends to offer staking services for select digital assets. Through this model, Morgan Stanley aims not only to enable crypto investment but also to provide institutional-grade custody and operational infrastructure. Investors would therefore be able to conduct digital asset transactions directly under the bank’s umbrella within a regulated framework.

A national trust bank charter grants financial institutions the authority to provide asset protection, custody, and fiduciary services. In the U.S., approximately 60 national trust banks are supervised by the OCC, and 14 new bank charter applications were submitted throughout 2025. Demand for crypto-focused banking licenses is also rising rapidly. In December, the OCC conditionally approved applications from major crypto companies such as Ripple, BitGo, Fidelity Digital Assets, and Paxos. Additionally, Stripe-owned stablecoin platform Bridge and financial services firm Payoneer are among the companies that have recently applied for similar licenses.

Morgan Stanley Accelerates Its Crypto Strategy

In recent months, Morgan Stanley has significantly expanded its digital asset strategy. In January, the bank appointed experienced executive Amy Oldenburg to lead its new crypto division. According to LinkedIn job postings, the bank plans to grow its crypto team by hiring for roles such as Digital Asset Strategy Director, Product Lead, and Strategist.

At the same time, Morgan Stanley has filed applications for spot Bitcoin, Ether, and Solana ETFs, while also working on staked Ether ETF products. These initiatives reflect the bank’s goal of expanding institutional investors’ access to crypto markets. Under its plan, the new digital trust bank would enable the “custody, transfer, and staking of certain digital assets to support client investment activities.”

Wall Street Enters Crypto Banking

Morgan Stanley’s application for a national trust bank charter from the OCC is considered a significant development signaling that traditional financial giants are rapidly entering the crypto banking space. The bank’s custody, staking, and ETF plans could make access to digital assets even easier for institutional investors. As competition for crypto banking licenses intensifies in the United States, Morgan Stanley’s move may accelerate Wall Street’s deeper integration into the digital asset ecosystem.

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Morgan Stanley’s Bitcoin Custody and Trading Plans

Morgan Stanley aims to provide dedicated Bitcoin custody and trading services for its clients. The goal is to create an entirely internal technology infrastructure that enables clients to securely hold and trade Bitcoin directly on the platform. By avoiding third-party solutions, the bank can maintain full control over security and brand trust. Experts note that Morgan Stanley’s in-house infrastructure could increase institutional confidence, making it easier for large capital to access Bitcoin directly and potentially triggering a new wave of institutional demand in the crypto market.

Conference Insights

At the Bitcoin for Corporations conference in Las Vegas, Amy Oldenburg, Head of Digital Asset Strategy at Morgan Stanley, emphasized that these services are a natural step in the bank’s crypto roadmap:

“We will absolutely do this; it is a natural part of our roadmap. We are still at the beginning of this journey. Developing it in-house is crucial. People trust the Morgan Stanley brand, so we cannot afford to fail in this area.”

She added that providing clients with top-level technology and security is a key responsibility for the bank.

Expansion Beyond Bitcoin

Morgan Stanley’s plans may extend beyond Bitcoin custody and trading. The bank is also exploring yield and lending products in the crypto space. If implemented, Morgan Stanley could become one of the first major traditional banks to offer comprehensive financial services based on crypto assets. Analysts highlight that these steps may create a domino effect, encouraging other large financial institutions to develop similar crypto services. This initiative illustrates the growing integration between traditional finance and crypto markets. By making it easier for institutional investors to access Bitcoin directly, Morgan Stanley is helping strengthen long-term confidence in the crypto ecosystem. Analysts suggest that expanding crypto infrastructure at such major institutions could accelerate institutional adoption of Bitcoin and positively influence market perception.

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For a global investment bank of this scale, such a move is more than incremental product expansion. It represents a structural shift in how Bitcoin is perceived within institutional finance.

Is Bitcoin Now a Strategic Asset, and Not Just a “Speculative” One?

One of the most striking aspects of Oldenburg’s comments was her emphasis on educating corporations about the potential role of Bitcoin on balance sheets. Rather than treating BTC solely as a high-volatility, speculative instrument, the emerging narrative frames it as a strategic treasury asset.

In an environment shaped by inflation concerns, monetary policy uncertainty, and the search for long-term value preservation, companies are increasingly evaluating alternative reserve strategies. Positioning Bitcoin as a balance sheet asset introduces a new dimension to corporate treasury management. It implies that digital assets could complement, rather than merely compete with, traditional cash and short-term instruments.

The Power of a $2 Trillion Platform

Morgan Stanley’s wealth management division oversees approximately $2 trillion in assets. When viewed through this lens, the bank’s evolving rhetoric is not symbolic—it has operational implications. A broader product suite encompassing trading, lending, yield generation, and custody could significantly lower the barriers to entry for institutional clients and high-net-worth individuals seeking exposure to Bitcoin.

Institutional-grade infrastructure has long been considered a prerequisite for deeper capital allocation into digital assets. By expanding into these services, the bank may accelerate that process.

A Turning Point in Institutional Adoption

Oldenburg’s statements indicate that Morgan Stanley is transitioning from cautious engagement to strategic positioning. Educational initiatives aimed at corporate clients could further normalize Bitcoin within mainstream financial planning frameworks.

If regulatory clarity improves and institutional demand continues to build, Bitcoin’s role within the global financial system may become increasingly formalized.

This content is for informational purposes only and does not constitute investment advice.

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JPMorgan Pushes Tokenized Cash Toward Production

One of the most concrete signals of this shift comes from JPMorgan. The bank announced plans to issue its US dollar–denominated deposit token, JPM Coin (JPMD), directly on the Canton Network. This marks a significant evolution from closed, internal systems toward interoperable blockchain environments designed for regulated financial activity.

The integration is being developed in collaboration with Digital Asset, the company behind the Canton Network, and JPMorgan’s blockchain unit, Kinexys. The goal is to enable regulated digital cash to move securely and efficiently across networks while maintaining privacy and compliance. JPM Coin represents a digital claim on actual dollar deposits held at the bank, targeting institutional use cases such as settlements and cross-network transfers.

Morgan Stanley Expands Crypto Access via ETFs

Morgan Stanley is taking a different but equally meaningful approach by bringing crypto exposure to traditional investors. The bank has filed regulatory applications to launch exchange-traded funds tracking Bitcoin and Solana. If approved, these products could be distributed to more than 19 million clients through Morgan Stanley’s wealth management arm.

The decision follows the strong performance of spot Bitcoin ETFs in the United States, which have attracted substantial inflows since their launch. By offering crypto exposure through familiar investment vehicles, Morgan Stanley is lowering the barrier for mainstream participation.

Barclays Enters the Stablecoin Infrastructure Space

In the UK, Barclays has made its first direct investment related to stablecoins. The bank backed Ubyx, a US-based clearing and settlement platform designed to connect regulated stablecoin issuers with financial institutions. While Barclays previously emphasized the risks of digital assets, this investment signals growing confidence in stablecoins as part of future payment infrastructure.

Ubyx aims to improve interoperability and settlement efficiency across regulated digital dollar systems, aligning closely with the needs of large banks.

Bank of America Normalizes Bitcoin ETFs

Bank of America has also taken a notable step by allowing its private banking and Merrill Edge advisers to recommend spot Bitcoin ETFs to clients. Approved products include offerings from Bitwise, Fidelity, BlackRock, and Grayscale, which together manage over $100 billion in Bitcoin.

The bank has indicated that investors comfortable with volatility may consider allocating a modest 1% to 4% of their portfolios to digital assets.

From Observers to Builders

Taken together, these developments show that Wall Street is no longer standing on the sidelines. Through tokenized cash, stablecoin infrastructure, and crypto-linked investment products, major banks are actively shaping how blockchain technology integrates into global finance. The shift is quiet, deliberate, and increasingly irreversible.

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Morgan Stanley’s New Crypto Initiative

Morgan Stanley’s SEC filing is seen as a critical step toward launching a Solana Trust ETF. Through this fund, the bank aims to provide investors with access to Solana via a regulated, traditional finance-compatible investment vehicle—without requiring them to directly hold tokens or manage technical processes. This structure offers institutional investors an alternative that reduces operational risks.

This development also indicates a shift away from crypto investment products being dominated solely by Bitcoin- and Ethereum-centric approaches. Institutional interest is now extending to other blockchain projects like Solana, demonstrating that the market is maturing and investors are evaluating a broader ecosystem.

Solana on Institutional Investors’ Radar

In recent years, Solana has emerged as a leading network thanks to its high transaction capacity, low-cost infrastructure, and rapid growth in DeFi and NFT sectors. Increased developer activity and expanding ecosystem use cases have made Solana attractive not only technically but also from an investment perspective.

Morgan Stanley’s move shows that Solana is no longer just a project of interest to retail investors—it is now being evaluated as a strategic asset in institutional portfolios. This indicates that perception of the Solana ecosystem is shifting toward long-term value propositions rather than short-term price movements.

“Institutional Interest Is Diversifying”

Market analysts note that large financial institutions turning to alternative crypto assets signals deepening institutional engagement in the sector. Sources close to the matter state:

“Morgan Stanley’s Solana Trust ETF application shows that institutional investors are not limiting themselves to Bitcoin and Ethereum. This is a strong sign of a maturing crypto market.”

In the short term, news of the ETF application may create positive price expectations for Solana. As seen with similar ETF initiatives, increased visibility and institutional interest can put upward pressure on the price. In the medium to long term, approval of such products could attract more capital to the Solana ecosystem, supporting DeFi projects, application development, and increased network usage.

Evaluation

Morgan Stanley’s SEC filing for the Solana Trust ETF is a significant development highlighting the acceleration of institutional diversification in crypto markets. Greater acceptance of Solana among institutional investors marks a critical period for both price dynamics and ecosystem growth.

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Massive Expansion Expected: 300–500% Growth Forecast

Yin notes that the RWA market has experienced remarkable momentum over the past year, and this growth could accelerate further. Current projections indicate that the market may expand by 300% to 500% within the next two years. One of the strongest indicators supporting this outlook is the rapid increase in user engagement across RWA platforms.

User Base Grows Nearly 10x in a Single Year

Since the beginning of the year, the number of on-chain RWA holders has surged by nearly tenfold. Yin expects this rise to continue and suggests that the total number of participants could multiply by more than 25 times as adoption broadens.
Recent data shows that over 539,000 users collectively hold more than 35 billion dollars in tokenized real-world assets, signaling that the sector is moving beyond its early, niche stages.

Beyond Crypto-Native: New Asset Classes on the Horizon

A substantial portion of today’s RWA value is tied to U.S. Treasury bills, reflecting a preference for low-risk yield-bearing instruments. However, Yin points out that with shifting interest rate conditions and a maturing landscape, investors are increasingly seeking higher-yield opportunities.
Areas such as private credit, mineral rights, petroleum assets, energy markets, and even GPU infrastructure are beginning to attract interest. This diversification is expected to draw a broader investor base and strengthen the ecosystem’s long-term foundation.

Regulatory Clarity Could Accelerate Real-World Adoption

Global regulators are actively working on frameworks for stablecoins and tokenized assets, a development Yin believes will push the industry from experimentation toward mainstream use. Clear regulatory guidelines could open the door for institutional capital and legitimize tokenization as a core component of modern finance.

Plume and Securitize Partnership: Institutional Assets Entering Nest Protocol

Plume recently announced a strategic collaboration with Securitize, a tokenization platform supported by major financial institutions including BlackRock and Morgan Stanley. Through this partnership, institutional-grade assets from Securitize will be integrated into Plume’s Nest staking protocol.

The initial phase will include Hamilton Lane funds, with additional issuers and asset classes expected to join throughout 2026, further expanding the protocol’s capabilities.

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Bitcoin Cycles and the “Fall” Analogy

Denny Galindo, an investment strategist at Morgan Stanley Wealth Management, compared Bitcoin’s price cycles to the seasons. In a podcast episode of Crypto Goes Mainstream, Galindo highlighted that historically, Bitcoin tends to follow a pattern of three upward trends followed by a corrective phase.

“We are currently in the fall season. Fall is harvest time, and it’s the right moment to lock in your gains,” he explained.

This seasonal framework reflects how major Wall Street players are increasingly viewing Bitcoin through a cyclical investment lens, similar to commodities or other macro liquidity-driven assets.

Technical Outlook: Signs of a Bear Market

On November 5, Bitcoin dipped below $99,000, crossing a key macro indicator and signaling potential bearish momentum. Julio Moreno, head of research at CryptoQuant, noted that BTC falling below its 365-day moving average is a strong technical warning. Bitrue analyst Andri Fauzan Adziima referred to this decline as marking the official start of a technical bear market.

In addition, crypto market maker Wintermute highlighted a slowdown in liquidity inflows. The company pointed out that stablecoins, ETFs, and digital asset treasuries (DATs) have historically been the main sources of crypto market liquidity, and inflows from these components have now plateaued.

Institutions See Bitcoin as a Macro Hedge

Despite ongoing volatility, institutional investors remain positive about Bitcoin. Michael Cyprys of Morgan Stanley Research noted that some institutions view BTC as “digital gold” or a macro hedge against inflation and currency devaluation.

Cyprys emphasized that institutional allocations are typically slower-moving because large investors cannot quickly adjust strategies or portfolios due to internal governance, risk committees, and long-term mandates. However, growing regulatory clarity and ETF infrastructure have lowered barriers, increasing adoption.

Data from SoSoValue shows that U.S. spot Bitcoin ETFs now manage over $137 billion in net assets, while Ether ETFs exceed $22.4 billion. This illustrates the growing institutional interest and the expanding footprint of crypto within diversified portfolios.

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Universal Access to Crypto Investments by Morgan Stanley

According to reports, Morgan Stanley has lifted previous restrictions that limited access to crypto-related funds. The bank informed its financial advisors that, starting October 15, all clients will be eligible to invest in crypto products — including through retirement accounts and other portfolio types.

This marks a major expansion from the bank’s earlier policy, which restricted access to only a select group of high-net-worth investors.

Previous Limitations Removed

Until now, only clients with a minimum of $1.5 million in assets and a high risk tolerance could participate in the bank’s crypto investment options. With the new policy, Morgan Stanley has eliminated these barriers, granting full access across its entire client base.

This democratization of access could lead to a surge in retail and institutional participation, further strengthening crypto’s position within the global financial system.

A New Phase in Financial Transformation

Morgan Stanley’s decision represents a major turning point in how legacy financial institutions interact with the digital asset space. By removing entry barriers, the bank not only embraces innovation but also bridges the gap between traditional finance and decentralized assets.

Industry analysts suggest that this move may encourage other major banks to follow suit, accelerating the integration of cryptocurrency products into mainstream financial services.

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Cryptocurrencies: Speculative Yet Increasingly Mainstream

Titled “Asset Allocation Considerations for Cryptocurrencies”, the report emphasizes how the digital asset market has rapidly expanded, now boasting a market capitalization of $4 trillion. Despite their notorious volatility, cryptocurrencies continue to attract investor interest and are increasingly being recognized as a legitimate asset class.

The report also points out that with growing political and institutional support, particularly from the Trump administration and Congress, investors now have easier access to digital assets through exchange-traded products (ETPs).

Spotlight on Bitcoin

While the analysis covers the broader crypto market, Bitcoin remains the central focus. Morgan Stanley experts describe cryptocurrencies as “speculative but popularizing assets,” with Bitcoin standing out as a rare digital asset comparable to gold.

The report underscores Bitcoin’s unique value proposition, framing it as a form of digital gold that could serve as a hedge in diversified portfolios.

Morgan Stanley’s Portfolio Perspective

Morgan Stanley makes it clear that official asset allocation models do not yet include direct exposure to crypto. However, the firm recognizes investor demand and stresses flexibility:

“We aim to support financial advisors and clients who wish to include cryptocurrencies in multi-asset portfolios in a balanced way.”

Currently, the GIC guides over 16,000 financial advisors globally, who collectively manage more than $2 trillion in client assets.

Investor Guidance: Conservative and Cautious

The conclusion of the report carries a clear message for investors: while cryptocurrencies have historically delivered strong returns, they also bring significant risks. High volatility, coupled with increased correlation during times of market stress, makes crypto a challenging asset to manage.

As a result, Morgan Stanley advises investors to keep crypto exposure limited within their portfolios and to practice regular rebalancing to mitigate risks.

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Significant Progress in Crypto Offerings

A status chart shared by River on August 8 tracks these banking giants’ positions in custody and trading services. The snapshot reveals many firms moving from “not yet” into “exploring,” “announced,” or offering restricted access for high-net-worth clients. This trend signals that digital assets are steadily integrating into mainstream wealth management and capital markets.

Concrete Moves by Leading Banks

Tangible actions since early 2024 illustrate this transformation. For example, Morgan Stanley is considering allowing its 15,000 brokers to recommend spot Bitcoin ETFs to clients, while working on suitability guardrails and allocation limits—indicating an expansion beyond unsolicited orders.

More recently, Charles Schwab’s CEO announced plans to enable customers to trade both Bitcoin and Ethereum, aiming to provide a unified platform where all holdings can be viewed and managed.

On the banking side, PNC went further by partnering with Coinbase so that wealth and asset management clients can trade crypto directly through their PNC accounts instead of a separate platform.

Advances in Custody and Tokenization

State Street announced plans to launch stablecoins and tokenize deposits to improve settlement efficiency, with subsequent initiatives expected to tokenize bonds and money market shares.

BNY Mellon frequently appears in filings and product developments, including roles as administrator and cash custodian in ETF documents. The bank has also recently served as custodian for reserves linked to Ripple’s RLUSD stablecoin.

Next-Generation Financial Services and Pilot Projects

Citi has explored Solana for next-gen financial services and tokenization pilots, and reportedly considered custody services in early 2025.

JPMorgan launched several crypto-related projects in 2025. In June, it initiated a pilot for a tokenized deposit token issued on Base, aiming to enable instant dollar transfers.

The bank’s CEO, Jamie Dimon, revealed plans to test stablecoin services alongside the tokenized deposit pilot, though he has not retracted his previous criticisms of crypto.

Last week, JPMorgan enabled its customers to make direct crypto purchases via Coinbase without leaving their dashboard.

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