Block Seeks US Banking Charter for Bitcoin and Stablecoin Custody

Block, the fintech company founded by Jack Dorsey, has filed an application to establish a US National Trust Bank focused on Bitcoin and stablecoin custody. The proposed institution will operate under the name Builders Bank & Trust, N.A.

The move aims to bring Block's existing custody operations into a nationally regulated trust institution, providing customers with increased security and regulatory compliance. By pursuing a federal banking charter, Block can establish itself as a trusted custodian for digital assets in the US market.

The SEC filing confirms that Block is seeking to operate as a de novo national bank, which would allow it to provide banking services to its customers while maintaining its existing custody operations.