Block Seeks OCC Banking Charter to Bring Bitcoin Custody Under Federal Supervision

Block Inc., the parent company of Square and Cash App, has submitted an application to the Office of the Comptroller of the Currency (OCC) for a U.S. banking charter to establish Builders Bank & Trust, N.A.

The proposed national trust bank would provide custody and related fiduciary services for Bitcoin (BTC) and stablecoins under federal supervision, expanding Block's digital asset business.

Block already operates in the financial sector with businesses such as Square Financial Services and Bitkey, offering merchant payments, consumer finance, and Bitcoin self-custody.

The application places Block alongside other digital asset companies seeking federal banking oversight for crypto custody and related services, including Coinbase, Circle, Crypto.com, and Paxos, which have received conditional approval for national trust bank charters.