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Morgan Stanley 已于 February 18, 2026 向 Office of the Comptroller of the Currency (OCC) 提交正式申请，寻求国家信托银行特许经营，以为机构客户托管数字资产。此举将设立一个联邦监管的信托实体，通常被称为 Morgan Stanley Digital Trust, National Association，以受托框架管理和托管数字货币。这些步骤并非象征性举动；它们代表一种监管举措，将数字托管纳入美国联邦银行边界。尽管有人误以为此举是在把 ‘2 trillion’ 转入加密货币领域，但问题在于在联邦特许状下对客户资产的托管权，而非重新配置现有资产。

此举将设立一个联邦监管的信托实体，通常被称为 Morgan Stanley Digital Trust, National Association，以受托框架管理和托管加密货币。Morgan Stanley 的做法缩小了传统金融与数字资产之间的差距，标志着机构在持有和保护数字资产方面的更广泛转变。网上流传的 ‘2 trillion’ 数字指的是该集团的总资产管理（AUM），而非用于加密资产托管的即时可用资金。AUM 指银行或资产管理公司所管理的客户资产的总价值，其中包括股票、债券、基金、ETF 与衍生品。

这一差异之所以重要，是因为托管权与监管地位相关，而非企业资产负债表中分配给数字资产的比例。用于加密资产托管的银行特许需要资产隔离、透明会计、内部控制体系、受监管的审计、AML/CFT 措施，以及在 OCC 监管下的清晰破产与清算框架。此举释放监管确定性信号，为将数字托管纳入标准银行业务铺平道路。在操作层面，数字货币托管将被视为信托银行业务，遵循与传统证券和信托资产相似的标准。

This formalisation aims to reduce operational risk for institutional investors and determine whether digital assets become a core component of the global financial system or remain peripheral. Morgan Stanley filed a formal application with the Office of the Comptroller of the Currency (OCC) on February 18, 2026, seeking a national trust bank charter to custody digital assets for institutional clients. The move would establish a federally supervised trust entity, the Morgan Stanley Digital Trust, National Association, to manage and custody cryptocurrencies under a fiduciary framework. The action is presented as a regulatory move to bring digital custody inside the US federal banking perimeter.

The filing clarifies that the action is about custody rights rather than reallocating existing assets. The figure often cited online as ‘2 trillion’ refers to Morgan Stanley’s total assets under management (AUM), not the amount available for crypto custody. A bank charter for crypto custody would require asset segregation, transparent accounting, internal controls, regulated audits, AML/CFT safeguards and a clear insolvency framework under OCC supervision. The move signals regulatory certainty and a path to integrating digital custody into standard banking operations.

Operationally, cryptocurrency custody would be treated as fiduciary banking, with standards similar to those used for traditional securities and trust assets. This formalisation aims to reduce operational risk for institutional investors and determine whether digital assets become a core component of the global financial system or remain peripheral.