Block Seeks National Trust Bank Charter to Expand Digital Asset Custody

Block Inc., parent company of Cash App, has filed an application to become a national trust bank under the name Builders Bank & Trust. This move would allow Block to custody Bitcoin and stablecoins at institutional scale, bypassing state-by-state money transmitter licensing requirements.

The filing is part of a charter wave that has accelerated in 2026, with various applicants pursuing different objectives. There are three distinct lanes: crypto-native firms seeking legitimacy through federal chartering, Wall Street institutions extending existing banking licenses, and consumer fintechs building institutional plumbing.

Block's application aims to convert retail-scale digital asset activity into federally chartered infrastructure. With a national trust charter, Block can custody Bitcoin and stablecoins for its massive consumer base without navigating 48 separate state licensing regimes.