ChainCatcher report: On Tuesday, Block, the payment company founded by Jack Dorsey, submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish a non-depository national trust bank named Builders Bank & Trust, N.A. Block stated that, if approved, the bank would offer custodial and other trust services, including for Bitcoin and stablecoins, and that the federal charter would establish a federal regulatory framework for certain custodial services currently provided by Block. Block’s application comes as an increasing number of fintech and crypto companies seek federal bank charters. Last week, Revolut received conditional approval from the OCC, following prior approvals for companies such as Coinbase, Paxos, BitGo, Ripple, and Circle. The OCC has also recently granted conditional approval to World Liberty Financial, backed by the Trump family, sparking scrutiny in Washington over potential conflicts of interest. Since 2025, the OCC has received 40 applications for new bank charters, approving 21 and denying 2.
Block Applies to OCC for Federal Bank Charter to Offer Bitcoin and Stablecoin Services
ChaincatcherShare
Summary
Block has applied to the OCC for a federal bank charter to launch Builders Bank & Trust, N.A., a non-insured trust bank focused on CFT compliance and the custody of bitcoin and stablecoins. This move aligns with increasing regulatory efforts to integrate liquidity and crypto markets. If approved, the bank would operate under federal oversight. Revolut, Coinbase, and others have also received conditional approvals. The OCC has granted 21 out of 40 applications since 2025.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.