Block, founded by Jack Dorsey, applies for federal bank charter with OCC

Block has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a non-insured national trust bank named Builders Bank & Trust, N.A. If approved, the bank intends to provide custody and trust services for assets including Bitcoin and stablecoins, while establishing a federal regulatory framework for Block's existing custody operations. This move follows a trend of fintech and crypto firms seeking federal charters, with recent approvals granted to companies such as Revolut, Coinbase, Paxos, BitGo, Ripple, and Circle.