Block Inc. has applied for a U.S. banking charter to create Builders Bank, bringing Bitcoin (BTC) and stablecoin custody under a federally supervised trust-bank structure.
Key Points:
- Block submitted an application to the Office of the Comptroller of the Currency to establish Builders Bank & Trust, N.A., as a national trust bank.
- If approved, Builders Bank would provide custody and related fiduciary services for Bitcoin and stablecoins.
- The filing places Block alongside other digital asset companies seeking federal banking oversight for crypto custody and related services.
Block Banking Charter
Block submitted its application to the Office of the Comptroller of the Currency to establish Builders Bank & Trust, N.A. The proposal still requires regulatory approval.
Block already operates Square, Cash App and Bitkey, businesses spanning merchant payments, consumer finance and Bitcoin self-custody across the company’s broader financial ecosystem.
If approved, Builders Bank would operate under OCC supervision and provide custody and related fiduciary services, including for Bitcoin and stablecoins. The charter would also give Block certain banking powers tied to holding assets and moving client funds.
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Bitcoin Strategy
Lee Woolley, who would serve as president and CEO of Builders Bank, said Block believes its digital asset experience and banking background position the proposed institution to support the company’s broader goals. “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.”
The application puts Block in a group with Coinbase, Circle, Crypto.com and Paxos, which have received conditional approval for national trust bank charters. World Liberty Financial, the decentralized finance project backed by U.S. President Donald Trump, also received approval this year.
The move matters because approval would bring part of Block’s Bitcoin custody strategy under direct federal supervision while expanding the regulatory structure supporting its digital asset business. Builders Bank would not begin operations unless the OCC grants the required authorization.
Jack Dorsey has pushed Bitcoin as everyday money for years. That effort expanded last year when Square enabled Bitcoin payments for millions of eligible U.S. small businesses, with transactions converted to dollars at checkout.
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