Block seeks federal bank charter

• Block has applied to create Builders Bank & Trust, a national trust bank.
• The proposed bank would provide custody services for Bitcoin and stablecoins if regulators approve the application.
• The move comes as crypto and fintech companies seek more federal bank charters.

Block has applied to the Office of the Comptroller of the Currency to establish Builders Bank & Trust.

The proposed bank would be uninsured and would not accept deposits or make loans under the planned structure.

“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,” said Lee Woolley, the proposed bank’s president and CEO.

Builders Bank would provide custody and fiduciary services for Bitcoin (CRYPTO:BTC), stablecoins and other digital assets if approved.

The application would give Block a federal charter for these services, but the bank cannot operate until the OCC completes its review.

Block’s application comes as the OCC has received 40 new bank charter applications since 2025, approving 21 and rejecting two.

Other companies seeking federal charters include Coinbase, Paxos, BitGo, Ripple and Circle, as regulators consider applications from crypto and fintech firms.

At the time of reporting, Bitcoin price was $78,610.45.