Block Seeks National Charter to Hold Bitcoin and Stablecoins

Block, the fintech company founded by Jack Dorsey, has filed an application to charter Builders Bank & Trust, a federal trust bank that would allow it to hold Bitcoin and stablecoins under a national trust framework.

The proposed bank would provide custody and related fiduciary services for digital assets used by Cash App and Square, which are currently conducted under more than 50 state money-transmitter and virtual-currency licenses.

A single OCC-chartered trust bank would give Block a national framework for custody, safekeeping, digital-asset transfers, and stablecoin settlement instead of relying on multiple state-by-state frameworks.

This move is part of a broader trend in the fintech industry, where companies are seeking to reduce their dependence on sponsor-bank relationships by obtaining their own federal charters.