Crypto Firms Rush to Secure Federal Bank Charters Amid Growing Institutional Demand

Jack Dorsey's Block is joining the rush for federal bank charters from the Office of the Comptroller of the Currency (OCC), filing an application to establish an uninsured national trust bank called Builders Bank & Trust. If approved, Builders Bank would offer custody and fiduciary services, including for Bitcoin and stablecoins, giving Block a federal framework for activities it currently offers.

The application comes after Revolut's conditional approval last week and follows a wave of others, including Coinbase, Ripple, Circle, Paxos, and BitGo. The OCC has received 40 de novo charter applications since 2025, approving 21 and denying two.

Meanwhile, Consensys is splitting into two independent companies by year-end, separating its consumer-facing MetaMask wallet business from its infrastructure operations. The existing entity will rebrand as MetaMask under CEO Joe Lubin, expanding beyond its wallet roots into payments, savings, and investing.