TheBlock
Jack Dorsey's Block, Inc. filed an application with the Office of the Comptroller of the Currency on Tuesday to establish an uninsured national trust bank called Builders Bank & Trust, N.A. If approved, the new entity would provide custody and other fiduciary services, including for bitcoin and stablecoins, under a single federal framework.
"Building on Block's experience in the digital asset space, our history with Square Financial Services, and the deep banking expertise of the team we've assembled, we believe Builders Bank is well positioned to support Block's broader vision of economic empowerment," said Lee Woolley, who would serve as president and CEO of Builders Bank.
Why it matters
Block's move is part of a broader wave of fintech and crypto firms racing to secure federal bank charters as the OCC takes an explicitly friendlier stance toward the industry. Last week, Revolut received conditional approval, joining a queue that includes Coinbase, Paxos, BitGo, Ripple, and Circle. The OCC has also granted conditional approval to World Liberty Financial, the Trump family-backed project, adding political texture to an already fast-moving regulatory shift.
Market impact
Since 2025, the OCC has received 40 de novo charter applications, approving 21 and denying only two. A federal charter would let Block consolidate its crypto custody activities under one regulatory umbrella, reducing state-by-state compliance friction and potentially unlocking institutional clients who require federally chartered custodians. For bitcoin and stablecoin markets, each new chartered custodian expands the regulated infrastructure that institutional capital needs to enter the space.
Frequently asked questions
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What is Builders Bank & Trust and what services would it offer?
Builders Bank & Trust, N.A. would be an uninsured national trust bank established by Block, Inc. under a federal OCC charter. It would provide custody and other fiduciary services, including for bitcoin and stablecoins.
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Why is Block seeking a federal bank charter rather than state-level licenses?
A federal charter from the OCC would give Block a single unified regulatory framework for its crypto custody activities, replacing a patchwork of state-by-state licenses and potentially unlocking institutional clients who require federally chartered custodians.
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Which other crypto and fintech firms are also seeking OCC charters?
Coinbase, Paxos, BitGo, Ripple, Circle, and Revolut are among the companies that have applied or received conditional OCC approval. The Trump family-backed World Liberty Financial also received conditional approval recently.
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How many de novo bank charter applications has the OCC received since 2025?
The OCC has received 40 de novo charter applications since 2025, approving 21 and denying only two, reflecting the agency's increasingly open posture toward fintech and crypto firms.
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What does Block's charter application mean for bitcoin and stablecoin markets?
Each new federally chartered custodian expands the regulated infrastructure institutional capital requires to enter crypto markets. Block's approval, if granted, would add another major venue for compliant bitcoin and stablecoin custody.
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