Block Seeks U.S. Banking Charter To Put Bitcoin Custody Under OCC

Block Inc. has applied for a U.S. banking charter to create Builders Bank, bringing Bitcoin (BTC) and stablecoin custody under a federally supervised trust-bank structure.

Key Points:

• Block submitted an application to the Office of the Comptroller of the Currency to establish Builders Bank & Trust, N.A., as a national trust bank.
• If approved, Builders Bank would provide custody and related fiduciary services for Bitcoin and stablecoins.
• The filing places Block alongside other digital asset companies seeking federal banking oversight for crypto custody and related services.

Block Banking Charter

Block submitted its application to the Office of the Comptroller of the Currency to establish Builders Bank & Trust, N.A. The proposal still requires regulatory approval.

Block already operates Square, Cash App and Bitkey, businesses spanning merchant payments, consumer finance and Bitcoin self-custody across the company’s broader financial ecosystem.

If approved, Builders Bank would operate under OCC supervision and provide custody and related fiduciary services, including for Bitcoin and stablecoins. The charter would also give Block certain banking powers tied to holding assets and moving client funds.