Block Joins Ranks of Digital Asset Firms Seeking US Banking Charter

Block Inc., the parent company of Square, Cash App, and Bitkey, has submitted an application to establish Builders Bank & Trust, N.A. with the Office of the Comptroller of the Currency (OCC).

The move marks another step in the increasing trend of digital asset firms seeking a U.S. banking charter.

This would allow Block to offer federally regulated custody and 'fiduciary services' for Bitcoin and stablecoins, if fully approved.