Jack Dorsey’s Block is taking another major step toward integrating cryptocurrency into the traditional financial system by applying for a national trust bank charter in the United States.
The company has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, an uninsured national trust bank that would focus on custody and fiduciary services for Bitcoin, stablecoins and other digital assets.
If approved, Builders Bank would not operate like a conventional commercial bank. It would not accept customer deposits or make loans.
Instead, its primary role would be safeguarding and administering digital assets under federal supervision.
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Block says the proposed charter would create a consistent national regulatory framework for certain custody and related activities that it already provides, allowing the business to scale more efficiently.
The application is important because custody has become one of the most strategically important parts of the digital-asset economy. As institutional investors, businesses and financial platforms increasingly interact with Bitcoin and stablecoins.
Demand has grown for regulated infrastructure capable of securely holding and managing these assets. A national trust bank could give Block a direct federal framework for providing those services rather than relying on a fragmented system of state-level permissions.
Block already has substantial experience in financial technology and digital assets through businesses associated with its broader ecosystem, including Cash App and Square Financial Services.
The proposed bank would build on that foundation while giving its cryptocurrency operations a more clearly defined regulatory structure. Lee Woolley, Block’s digital asset strategy lead, is expected to serve as president and chief executive of Builders Bank if the charter receives approval.
Woolley’s background includes senior roles in banking and financial services, strengthening Block’s argument that the proposed institution could operate at the intersection of traditional finance and digital assets.
Block’s application also reflects a broader transformation taking place across the U.S. financial sector. Crypto and fintech companies are increasingly seeking national bank or trust-bank charters as regulators provide clearer pathways for digital-asset businesses.
Coinbase, Paxos, BitGo, Ripple and Circle have pursued similar regulatory strategies, while Circle received final OCC approval for its national trust bank in July 2026.
The growing competition suggests that cryptocurrency custody is moving from a specialized service toward core financial infrastructure.
For Bitcoin, this could be particularly significant. Greater access to federally supervised custody providers may make it easier for institutions to hold the asset while satisfying internal compliance, governance and risk-management requirements.
Stablecoins are equally important to Block’s strategy. Dollar-linked digital assets have increasingly become part of payments and financial infrastructure, while U.S. regulators have developed a clearer framework for payment stablecoins.
The combination of regulated custody and stablecoin infrastructure could therefore position Block to participate in the expanding convergence between blockchain-based payments and traditional banking.
However, the application does not mean Builders Bank can immediately begin operating. The OCC must review the proposal, and approval would be subject to regulatory and organizational requirements.
Until that process is completed, Block remains an applicant rather than a federally chartered trust bank. Block’s banking application represents more than an expansion of its financial services business.
It illustrates how the boundary between cryptocurrency companies and traditional financial institutions is steadily disappearing. Bitcoin and stablecoins are increasingly being treated not simply as speculative digital assets, but as financial instruments requiring institutional-grade custody, compliance and governance.
Securing a national trust charter could provide the regulatory foundation needed to scale that infrastructure. For the broader crypto industry, it could be another indication that digital assets are gradually becoming embedded in the architecture of modern finance.