Jack Dorsey’s Block is making another major move into regulated finance, applying to create a federally supervised national trust bank focused on Bitcoin, stablecoins and digital-asset custody. The proposed institution, called Builders Bank & Trust, would give the company a single federal framework for several crypto-related services as fintech and blockchain companies race to secure bank charters from the Office of the Comptroller of the Currency.
If approved, Builders Bank would be a national trust bank, not a conventional bank where customers deposit paychecks or take out mortgages. Block says the institution would provide custody and fiduciary services involving digital assets while operating under direct federal supervision.
Block Wants to Build Builders Bank & Trust
Block, the company behind Cash App and Square, filed its application with the Office of the Comptroller of the Currency to establish Builders Bank & Trust, N.A.
The proposed bank would focus on services including:
- Custody of Bitcoin and stablecoins
- Digital-asset fiduciary services
- Settlement-related activities
- A federally supervised framework for some services Block currently operates under other regulatory structures
The bank would be uninsured, meaning it would not maintain FDIC deposit insurance. More importantly, it would not operate like a traditional commercial bank.
Builders Bank would not accept customer deposits or make loans.
That distinction makes the word “bank” somewhat misleading for everyday consumers. The goal is primarily to create federally regulated infrastructure for custody and related financial services.
Bitcoin and Stablecoins Would Be at the Center
Digital assets aren’t a side project in Block’s application.
They’re one of the primary reasons for creating the institution.
Block says Builders Bank could provide custody and fiduciary services involving Bitcoin and stablecoins, giving those activities a consistent federal supervisory framework as the company expands.
Block already has considerable exposure to Bitcoin through Cash App and its broader digital-asset strategy.
A federal trust charter could potentially simplify the regulatory structure around some of those activities by replacing a patchwork of state-level requirements with federal supervision for services conducted through the proposed bank.
Block’s public application says its digital-asset operations currently function under more than 50 state licenses.
That helps explain why federal charters have become so attractive to crypto companies.
This Wouldn’t Be Block’s First Bank
Block already has experience operating within the U.S. banking system.
The company owns Square Financial Services, an industrial bank that supports lending and other financial products connected with Square’s merchant ecosystem.
Builders Bank would serve a different purpose.
Square Financial Services → traditional banking and lending infrastructure
Builders Bank & Trust → custody and fiduciary infrastructure focused heavily on digital assets
Block’s Digital Asset Strategy Lead Lee Woolley would become president and CEO of Builders Bank if the OCC approves the application.
Woolley said Block believes the proposed bank can combine its experience in digital assets with its existing banking expertise to support the company’s broader financial strategy.
Crypto Companies Are Racing to Become Federally Chartered
Block isn’t entering this race alone.
The OCC has seen a surge of applications from crypto and fintech companies seeking federal charters.
Recent applicants and approvals include companies connected with:
- Circle
- Ripple
- BitGo
- Coinbase
- Paxos
- Revolut
- World Liberty Financial
Last week, Revolut received conditional approval for its U.S. banking plans, while Circle received final OCC approval in July to establish its crypto-focused national trust bank.
The numbers show how quickly the environment is changing.
Since 2025, the OCC has received 40 applications for new bank charters, approving 21 and denying only two as of The Block’s report.
Washington’s Crypto Shift Is Changing the Banking Landscape
The wave of applications follows a much friendlier federal regulatory environment for digital assets.
The OCC has increasingly clarified how federally regulated banks can interact with crypto while simultaneously processing applications from companies that want to bring digital-asset businesses directly inside the federal banking system.
The agency maintains a dedicated list of pending licensing applications involving companies planning to provide digital-asset products and services.
For crypto companies, a charter can provide something they’ve spent years trying to obtain:
regulatory legitimacy under the same federal agency supervising national banks.
It also potentially reduces reliance on outside banking partners for certain services.
That’s particularly important for stablecoins, where issuers, custodians and payment companies increasingly need regulated infrastructure connecting blockchain assets with the traditional financial system.
Block Isn’t Becoming a Traditional Bank
The biggest misconception surrounding Block’s application would be assuming Cash App is about to become a federally insured bank account through Builders Bank.
That’s not what Block has proposed.
Builders Bank wouldn’t:
- Accept conventional deposits
- Offer FDIC-insured checking accounts
- Make consumer loans
- Operate like a traditional retail bank
Instead, it would operate as a specialized national trust institution.
That puts the application squarely within the broader convergence happening between crypto infrastructure and federally regulated finance.
Crypto Companies Don’t Just Want Banking Partners Anymore
For years, crypto companies depended heavily on traditional banks to provide access to the financial system.
That relationship is beginning to change.
Circle has pursued its own federally chartered infrastructure. Ripple has moved in the same direction. Revolut is advancing its U.S. banking ambitions. Now Jack Dorsey’s Block wants a national trust bank built around custody for Bitcoin, stablecoins and other digital assets.
The applications still require regulatory approval, and a federal charter doesn’t automatically guarantee that every proposed service will be permitted.
But the direction is increasingly difficult to ignore.
Crypto companies spent years fighting to maintain access to banks. Now some of the industry’s biggest companies are trying to become federally chartered financial institutions themselves.
