Block Applies for National Trust Bank Charter, Positioning for Crypto Asset Custody
nashnova research
Jack Dorsey's Block has filed with the OCC to create Builders Bank & Trust, an uninsured national trust bank for bitcoin and stablecoin custody — the latest crypto firm seeking a federal banking charter as Washington's regulatory stance softens.
What kind of bank is Block building?
Builders Bank & Trust would be a national trust bank offering custody and fiduciary services only — no deposits, no lending.
This means → it is not a traditional bank but closer to a federally chartered digital-asset vault — holding clients' bitcoin and stablecoins without touching the deposit-and-loan business.
The application was filed with the Office of the Comptroller of the Currency (OCC), the federal banking regulator.
Why does Block need this charter?
Block already runs Square Financial Services, but digital-asset custody lacks a unified federal regulatory framework.
In plain terms = without a federal charter, crypto custody requires state-by-state licensing — expensive and fragmented. A single national charter solves compliance in one step.
Lee Woolley, named as Builders Bank's prospective president and CEO, said the bank will combine Block's digital-asset expertise with deep banking talent to advance its "broader economic empowerment vision."
Is Block the only one in line?
The OCC has recently approved similar applications from Ripple and World Liberty Financial, signaling a clear regulatory thaw in Washington.
This reflects a broader shift: crypto firms are no longer sidestepping traditional finance — they are actively embracing federal oversight, trading a bank charter for legitimacy and institutional trust.
For the market, the pace of charter approvals is becoming a barometer of U.S. crypto-regulatory openness.
What still needs to happen?
The application is filed, but the OCC has not publicly responded. No timeline has been given.
This means → whether the charter is granted is the pivotal test of Block's crypto-custody strategy — approved, the strategic loop closes; denied, the buildout stalls midway.
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