Block Seeks Federal Trust Bank Charter for Digital Asset Custody

Block, the financial technology company behind Square and Cash App, has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank for digital assets.

The proposed bank, Builders Bank & Trust, would provide custody services for Bitcoin and stablecoins under a federal regulatory framework, but would not accept deposits or make loans.

This move comes as more crypto companies in the U.S. seek federal trust bank charters, following the OCC's approval of applications from firms like Ripple and World Liberty Financial.

Lee Woolley, CEO and president of Builders Bank, cited Block's experience in digital assets and its financial expertise as key factors that would support its push to expand economic access.