Major banks are expanding custody, staking, and tokenization plans even as crypto prices stagnate, underscoring Wall Street’s long term institutional push.
Prices still feel heavy, but institutions are not backing away from crypto. If anything, they are building deeper rails while the market is down.
Morgan Stanley has filed for a de novo national trust bank charter that would let it custody digital assets and also offer staking and trading to investment clients. The application from Morgan Stanley Digital Trust was filed with the Office of the Comptroller of the Currency on Feb. 18, a notable step after the bank’s recent moves like hiring Amy Oldenburg to lead its digital asset strategy and signaling plans for a proprietary digital wallet later this year.
Citi is also leaning in. The bank plans to launch institutional bitcoin custody later this year, with leadership framing the goal as making bitcoin fit into bank grade custody, reporting, and tax workflows. Citi has also talked about enabling cross margining so clients can manage crypto alongside securities and cash under one structure.
Meanwhile Barclays is reportedly gathering info for a push into tokenized deposits and stablecoin payments, and JPMorgan has already launched its tokenized deposit token, JPMD, on blockchain networks.
The takeaway: bear market vibes are real, but the infrastructure buildout is accelerating.