Block joins the wave of U.S. federal banking license applications, aiming to establish a Bitcoin and stablecoin custody trust bank.

BlockBeats News, September 10 - Block, the payments company founded by Twitter co-founder Jack Dorsey, has filed an application with the U.S. Office of the Comptroller of the Currency (OCC) to establish an uninsured national trust bank named Builders Bank & Trust, N.A. In a statement, President and CEO-designate Lee Woolley said the bank will leverage Block's experience in the digital assets space, the history of Square Financial Services, and the team's deep banking expertise to support Block's long-term vision of "economic empowerment." If approved, Builders Bank will offer custody and other trust services, including for bitcoin and stablecoins, and establish a federal regulatory framework for part of the custody business Block currently provides.

This application marks the latest move by fintech and crypto companies vying for federal bank charters. Last week, Revolut received conditional approval from the OCC, joining the ranks of Coinbase, Paxos, BitGo, Ripple, and Circle. Under its current leadership, the OCC has taken a friendly stance toward the crypto industry, having previously granted conditional approval to World Liberty Financial, backed by the Trump family, which has drawn scrutiny over potential conflicts of interest. Since 2025, the OCC has received 40 new bank charter applications, approved 21, and denied only 2. Block's federal charter application at this time signals its extension from payments and crypto operations into federally regulated, bank-grade custody infrastructure.