Block Seeks National Trust Charter to Safeguard Bitcoin and Stablecoins

Block, Inc., led by co-founder Jack Dorsey, has submitted an application to establish Builders Bank & Trust, N.A., a national trust bank dedicated to safeguarding Bitcoin and stablecoins.

The proposed bank would focus on custody and related fiduciary services for digital assets and would be headquartered in Sioux Falls, South Dakota. Block's existing digital asset footprint is substantial, with the company facilitating approximately $10.7 billion in annual Bitcoin transaction volume through products including Cash App Bitcoin and Square Bitcoin.

The new bank would replace a patchwork of more than 50 state money transmitter and virtual currency licenses with a single national framework, providing Block with a more standardized regulatory footing for its digital asset operations.