Odaily Planet Daily report: Block, the payment company founded by Jack Dorsey, has submitted an application to the U.S. Office of the Comptroller of the Currency to establish a federally chartered, non-insured national trust bank named Builders Bank & Trust, N.A. Lee Woolley, the proposed president and CEO, stated that the bank will leverage Block’s expertise in digital assets, Square Financial Services’ history, and its team’s banking capabilities to offer custodial and other trust services, including for Bitcoin and stablecoins, and to establish a federal regulatory framework for certain existing custodial services at Block.
This application joins the growing list of fintech and crypto companies seeking a federal bank charter. Since 2025, the Office of the Comptroller of the Currency has received 40 applications for new bank charters, approved 21, and rejected only two; previously, Revolut received conditional approval, and Coinbase, Paxos, BitGo, Ripple, and Circle have also joined this effort.