Block Inc. Applies for U.S. National Trust Bank Charter to Expand Crypto Services
Jack Dorsey's Block, Inc. (NYSE: XYZ) has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, N.A., a national trust bank focused on digital asset custody and fiduciary services for Bitcoin and stablecoins. The proposed bank will not accept deposits or issue loans but aims to provide secure custodial solutions. Block has extensive experience in regulated digital assets with over 50 state licenses and facilitated $10.7 billion in annual Bitcoin transaction volume during fiscal year 2025. The company serves approximately two million monthly active users through its Cash App. Block plans to offer custody, buy/sell orders execution, stablecoin settlement, and transfer services for digital assets over the next three years under heightened regulatory oversight as a new bank charter holder.
Tickers: $XYZ
Topics: bank charter application blockchain crypto digital assets