Block Seeks National Trust Bank Charter for Digital Asset Custody

Block, the parent company of Square, has applied to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter. The proposed bank, Builders Bank & Trust, will focus on custody and fiduciary services for Bitcoin and stablecoins.

The OCC has seen a surge in new bank charter applications, indicating a revitalized banking system. Block's move aligns with its broader goal of economic empowerment through digital assets.

If approved, Builders Bank & Trust will operate under a federal framework, providing secure custody without accepting deposits or making loans.