Block Files for Federal Bank Charter with OCC
Jack Dorsey’s Block has applied to the Office of the Comptroller of the Currency for a federal bank charter. The company seeks to create an uninsured national trust bank named Builders Bank & Trust, N.A. The move marks Block’s latest step toward deeper integration of banking and digital assets.
Builders Bank Aims to Expand Custody Services
If approved, Builders Bank will offer custody and fiduciary services for bitcoin and stablecoins. The federal charter would also provide a clearer regulatory framework for activities Block already supports. Lee Woolley, the proposed president and CEO, said the bank builds on Block’s digital asset experience and banking expertise to advance economic empowerment.
Fintech and Crypto Firms Race for OCC Charters
Block joins a growing wave of fintech and crypto companies seeking federal bank charters. Last week Revolut received conditional approval. Other applicants include Coinbase, Paxos, BitGo, Ripple and Circle. The OCC has taken a more open stance toward the industry in recent months.
OCC Application Volume Rises Sharply Since 2025
Since 2025 the OCC has received 40 de novo charter applications. It has approved 21 and denied two. The agency also recently granted conditional approval to World Liberty Financial, the firm linked to President Donald Trump’s family.
