Morgan Stanley has named Coinbase and BNY Mellon to custody and administer its proposed Bitcoin Trust; BNY Mellon will act as administrator, transfer agent and cash custodian. The move pairs a major bank with a leading crypto custodian as Morgan Stanley advances a spot-Bitcoin offering for clients.
BNY Mellon has partnered with Ripple Prime to tokenize traditional bank deposits, creating programmable cash aimed at institutional clients. The move could accelerate on‑chain settlement and new liquidity workflows while drawing attention from XRP market participants.