Block, the payments company founded by Jack Dorsey, filed an application with the U.S. Office of the Comptroller of the Currency on Tuesday to establish an uninsured national trust bank called Builders Bank & Trust, N.A. The company said that, if approved, the proposed bank would offer custody and other trust services for assets including Bitcoin and stablecoins. A federal charter would also create a federal regulatory framework for some of Block’s existing custody operations.
The filing comes as more fintech and crypto firms pursue federal bank charters in the United States. Revolut received conditional approval from the OCC last week, while Coinbase, Paxos, BitGo, Ripple, and Circle had already secured approvals earlier. The OCC also recently granted conditional approval to World Liberty Financial, which is backed by the Trump family, a move that has drawn scrutiny in Washington over potential conflicts of interest. Since 2025, the OCC has received 40 applications for new bank charters, approving 21 and rejecting two.
Block, the payments company founded by Jack Dorsey, filed an application with the U.S. Office of the Comptroller of the Currency, or OCC, on Tuesday to establish an uninsured national trust bank named Builders Bank & Trust, N.A.
Block said that if the application is approved, the bank would provide custody and other trust services for assets including Bitcoin and stablecoins. The federal charter would also put some of Block’s existing custody business under a federal regulatory framework.
More fintech and crypto firms are seeking federal charters
Block’s filing arrives as a growing number of fintech and crypto companies seek federal bank charters. Revolut received conditional approval from the OCC last week. Coinbase, Paxos, BitGo, Ripple, and Circle had also won approvals earlier.
The OCC recently granted conditional approval to World Liberty Financial, which is backed by the Trump family. That decision triggered scrutiny in Washington over potential conflicts of interest.
Recent OCC application totals
Since 2025, the OCC has received 40 applications for new bank charters. It has approved 21 and denied two.
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