Block Seeks Federal Bank Charter to Expand Crypto Custody Services

Jack Dorsey's fintech company Block has applied to establish a new national trust bank called Builders Bank & Trust, N.A. The bank would offer custody and fiduciary services for Bitcoin and stablecoins under federal supervision.

The proposed bank would be uninsured and non-deposit-taking, focusing on digital asset custody rather than traditional banking services.

Block's application is part of a growing trend of crypto and fintech companies seeking federal bank charters. The OCC has received 40 de novo charter applications since 2025, approving 21 and denying two.