In order to create a federally regulated organization dedicated to the custody of Bitcoin and stablecoins, Jack Dorsey’s Block has submitted an application for a national trust bank license to the Office of the Comptroller of the Currency (OCC). Instead of depending on a hodgepodge of state-level licenses, the proposed bank would provide Block with a nationwide regulatory framework for retaining digital assets for customers. The application is still under review, and the OCC has not approved the proposed bank.
A national trust bank charter is different from a traditional commercial banking licence. It would not allow Block to engage in ordinary retail deposit-taking or lending. Instead, the proposed institution would focus on fiduciary activities, including holding digital assets on behalf of customers.
For Block, which operates payment businesses such as Cash App and Square, the proposed charter could provide a more formal structure for its Bitcoin and stablecoin custody activities. Direct federal oversight could also reduce the company’s reliance on third-party custodians and provide a more standardised regulatory framework.
Block announced that it has submitted an application to the OCC to establish Builders Bank & Trust, N.A., an uninsured national trust bank. If approved, Builders Bank would operate as a federally regulated national trust bank under OCC supervision and would provide custody and…
— Block Investor Relations (@BlockIR) September 8, 2026
Block’s application comes as several crypto and fintech companies explore similar routes. Other digital-asset firms, including Crypto.com and Paxos, have also pursued national trust bank charters. The growing interest reflects an industry-wide push for clearer federal regulation of digital-asset custody.
The OCC reviews applications for national trust charters based on factors such as the applicant’s capital, management structure and risk controls. Approval is not automatic, and Block has not provided a timeline for a decision.
The move also fits with Dorsey’s long-standing interest in Bitcoin infrastructure. Block has previously developed products designed to make Bitcoin more accessible and improve custody solutions. A federal trust charter would take that strategy into a more formally regulated setting.
If approved, the proposed trust bank would specifically hold Bitcoin and stablecoins for clients. The plan, as described, is focused on safekeeping these assets rather than providing broader banking services.
For Block, obtaining the charter could strengthen confidence among institutional partners and provide a consistent regulatory footing for its digital-asset custody operations. However, it is important to note that Block is currently only seeking approval. Until the OCC makes a decision, the proposed trust bank remains an application rather than an authorised or operating institution.
The filing adds Block to a growing group of crypto-related companies seeking a place within the US federal banking system. If several of these applications are approved, nationally chartered institutions could play a larger role in how Bitcoin and stablecoins are held and safeguarded in the US.
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