Block Files for National Trust Bank Charter to Custody Bitcoin and Stablecoins

Block, the financial technology company led by Jack Dorsey, has applied for a federal trust bank charter that would allow it to provide regulated custody for Bitcoin and stablecoins, according to Coin Bureau.

The company has filed with the Office of the Comptroller of the Currency (OCC) to establish Builders Bank, an uninsured national trust bank focused on digital-asset custody. The proposed institution would not accept deposits or issue loans, positioning it instead as a specialized custody provider operating under federal supervision.

Builders Bank Would Focus on Crypto Custody

The proposed structure would give Block a federally regulated framework for holding Bitcoin and stablecoins on behalf of customers. Unlike a conventional commercial bank, Builders Bank would not operate a deposit-taking or lending business under the plan described by Coin Bureau.

The application comes as the OCC has expanded its review of digital-asset banking applications. The regulator maintains a dedicated list of pending applications from companies seeking to provide cryptocurrency-related products and services through national bank structures.

The OCC has also granted conditional approvals to several crypto-focused institutions. In December 2025, it conditionally approved national trust bank charters for First National Digital Currency Bank and Ripple National Trust Bank, while BitGo, Fidelity Digital Assets and Paxos received approval to convert existing trust companies into national trust banks.

Block Joins Growing Race for Federal Crypto Charters

Block would enter an increasingly competitive field that includes Ripple, Circle, BitGo, Fidelity and Paxos, markets according to Coin Bureau, as major digital-asset companies seek direct access to federally supervised banking structures.

The OCC's recent decisions show that national trust bank charters are becoming an important route for crypto companies seeking to place custody operations within the federal banking framework. The regulator has emphasized that applications are evaluated individually under applicable statutory and regulatory requirements rather than receiving automatic approval because an applicant operates in digital assets.

For Block, the proposed Builders Bank would represent a significant expansion of its regulated financial infrastructure into institutional cryptocurrency custody. The next key step is the OCC's review of the application, which will determine whether the proposed bank can proceed under the federal trust charter framework.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.