Block Files Application for US Banking Charter

Block Inc., a company with a strong bitcoin focus, has become the newest applicant for a U.S. banking charter.

On Wednesday, the firm behind Square, Cash App and Bitkey announced it had filed an application with the Office of the Comptroller of the Currency to set up Builders Bank & Trust, N.A.

Block is among many digital asset companies that have either been granted conditional approval or are still waiting for the regulator’s decision. Should the charter be fully granted, it would enable firms to hold customer assets in custody and move client funds.

JUST IN: Block applies to establish Builders Bank & Trust with the OCC, which would provide federally regulated custody and “fiduciary services” for Bitcoin and stablecoins.

“Building on Block’s experience in the digital asset space, our history with Square Financial Services, and the deep banking expertise of the team we’ve assembled, we believe Builders Bank is well positioned to support Block’s broader vision of economic empowerment,” Lee Woolley, the designated President and CEO of Builders Bank, said in a statement.

If the application is approved, Builders Bank would function as a national trust bank regulated by the OCC, offering custody and fiduciary services for bitcoin and stablecoins, according to Block.

Several major crypto firms — Coinbase, Circle, Crypto.com and Paxos among them — have already secured conditional approval.

World Liberty Financial, a decentralized finance protocol with backing from President Donald Trump, likewise obtained approval in 2026.

Block CEO Jack Dorsey, a well-known bitcoin advocate, has long argued for the largest and oldest digital currency to function as everyday money.

Last year, Square, his point-of-sale system, began enabling bitcoin payments for millions of eligible small businesses across the U.S., with no setup needed and instant conversion to dollars at the point of sale.