Block Seeks OCC Charter for Bitcoin and Stablecoin Custody

Block, the payments company founded by Jack Dorsey, has applied to the Office of the Comptroller of the Currency (OCC) for a charter to establish Builders Bank & Trust, N.A., an uninsured national trust bank. This move would allow Block to offer custodial and fiduciary services for Bitcoin and stablecoins under a single federal regulatory framework.

The OCC has seen a surge in applications, with 40 new-bank charters filed over the past 18 months, 23 of which involve digital-asset activities. This is an eight-fold increase from four years ago, indicating growing acceptance of cryptocurrency activities within regulated banking.

However, not all approvals are alike. The OCC has conditionally approved charter applications for BitGo, Paxos, Fidelity Digital Assets, Ripple, and Circle's proposed First National Digital Currency Bank. Meanwhile, Coinbase received preliminary conditional approval to establish a national bank in 2026.