Block Applies for US Banking Charter with Bitcoin-Focused Builders Bank & Trust
Block Inc., the company behind Square and Cash App, has applied for a US banking charter to establish Builders Bank & Trust. The application was submitted to the Office of the Comptroller of the Currency (OCC), which would allow Block to offer federally regulated custody services for Bitcoin and stablecoins. This move follows in the footsteps of several other digital asset firms that have received conditional approval or are awaiting approval from the OCC.
Block's CEO, Jack Dorsey, is a long-time advocate for Bitcoin and has been pushing for it to become everyday money. He believes that Builders Bank will be well-positioned to support Block's broader vision of economic empowerment. Lee Woolley, who would serve as President and CEO of Builders Bank, echoed this sentiment in a statement.
Several top crypto companies have already received conditional approval from the OCC, including Coinbase, Circle, Crypto.com, and Paxos. Decentralized financial protocol World Liberty Financial, backed by US President Donald Trump, also received approval this year. If approved, Block's banking charter would mark another significant step towards mainstream adoption of digital assets.