Block Plans to Establish Bitcoin and Stablecoin Custody Trust Bank, Applies for U.S. Federal Bank Charter

Odaily reports: Block, the payment company founded by Jack Dorsey, has submitted an application to the U.S. Office of the Comptroller of the Currency to establish an uninsured national trust bank named Builders Bank & Trust, N.A. Proposed president and CEO Lee Woolley stated that the bank will leverage Block's experience in digital assets, the history of Square Financial Services, and the team's banking expertise to provide custody and other trust services including Bitcoin and stablecoins, and to establish a federal regulatory framework for some of Block's existing custody operations.

This application joins the ranks of fintech and crypto companies seeking federal bank charters. Since 2025, the U.S. Office of the Comptroller of the Currency has received 40 applications for new bank charters, approved 21, and rejected only 2. Previously, Revolut received conditional approval, and Coinbase, Paxos, BitGo, Ripple, and Circle have also joined the related ranks.