Jack Dorsey’s Block Targets Trust Bank Charter To Expand Bitcoin And Stablecoin Custody

TL;DR:

• Block applied for an OCC charter to create Builders Bank & Trust, a federally supervised institution focused on Bitcoin custody and stablecoin settlement.
• The proposed bank would not accept deposits or make loans, while Block says oversight would replace fragmented state-level licensing with a national framework.
• Block handled about $10.7 billion in Bitcoin volume during 2025, but Builders Bank needs OCC approval before operating as several crypto firms pursue charters.

Block has applied for a national trust bank charter that could move its Bitcoin and stablecoin custody operations from a patchwork of state licenses into one framework. The payments company behind Square and Cash App filed with the Office of the Comptroller of the Currency on September 4 to create Builders Bank & Trust. The proposal is striking because it seeks federal supervision without building a conventional deposit-taking bank. If approved, the institution would be uninsured and non-depository, focused on digital asset custody, fiduciary services, stablecoin settlement, and customer trading executed on a riskless-principal basis.

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