Block Files for a U.S. Bank Charter
Payment and cryptocurrency firm Block (NYSE: XYZ) has submitted an application to the Office of the Comptroller of the Currency seeking a national bank charter under the name 'Builders Bank & Trust.' If approved, this would allow it to offer federally regulated services such as custody for Bitcoin and stablecoins. The move aligns with growing efforts by crypto firms to expand into traditional financial services. Block is led by Jack Dorsey and operates popular payment apps like Cash App. It has been an active acquirer of Bitcoin in recent months, including a $370 million purchase last week. Other major crypto companies such as Coinbase Global (NASDAQ: COIN) and Circle Internet Financial Group (NYSE: CRCL) have already secured similar bank charters. The Office of the Comptroller of the Currency has approved 21 out of 40 applications since 2025, indicating a trend toward regulatory acceptance. XYZ stock is currently trading at $80.10 per share after declining by 68% over five years.
Topics: banking regulation blockchain crypto fintech