One of the world’s largest wealth management firms, Morgan Stanley, is preparing to offer cryptocurrency trading through its E*Trade platform, which the firm acquired for $13 billion six years ago.
Its strategy focuses on competing with lower fees.
Morgan Stanley Enters Crypto Trading
The bank plans to charge 50 basis points per transaction, calculated on the dollar value of each trade, positioning its pricing below competitors such as Coinbase and Robinhood. This rate is also lower than the 75 basis points Charles Schwab introduced when it launched spot Bitcoin and Ethereum trading earlier in April.
The service is currently in a pilot phase and is expected to roll out to all 8.6 million E*Trade clients later this year, according to reports. At launch, customers will be able to trade Bitcoin, Ether, and Solana. Morgan Stanley selected Zerohash, a digital asset infrastructure provider, to support the initiative in September 2025.
This move follows the recent debut of Morgan Stanley’s spot Bitcoin ETF, trading under the ticker MSBT on NYSE Arca. The ETF launched with a 0.14% fee, which is lower than many competing products. Data showed MSBT attracted significant inflows in its first days, reflecting investor interest in the firm’s digital-asset offerings.
Stablecoin Reserve Fund
In addition to trading services, Morgan Stanley launched the Stablecoin Reserves Portfolio (MSNXX) in New York to serve stablecoin issuers seeking compliant reserve solutions. The portfolio is part of the firm’s Institutional Liquidity Funds Trust and is structured as a government money market fund aligned with reserve standards outlined by the GENIUS Act.
The fund is designed to help issuers manage the assets that back their tokens while preserving liquidity and capital stability. Its primary objective is to maintain a $1 net asset value and generate income by investing exclusively in cash, U.S. Treasury bills and notes, and overnight repurchase agreements.
Co-Head of Global Liquidity Fred McMullen said the offering responds to growing demand as stablecoin issuance expands. Amy Oldenburg added that the initiative supports efforts to modernize financial infrastructure and improve institutional access to digital asset markets.