Block Applies for U.S. Banking Charter to Launch Builders Bank & Trust
Block seeks federal banking charter
Block Inc., the company run by Jack Dorsey that operates Square, Cash App and Bitkey, has filed an application with the U.S. Office of the Comptroller of the Currency (OCC). The filing aims to create Builders Bank & Trust, N.A., a nationally chartered trust bank.
Key points
- Block submitted the OCC application on September 9, 2026.
- The proposed bank would offer federally regulated custody and fiduciary services for bitcoin and stablecoins.
- Lee Woolley is named President and CEO of the new bank.
- Other crypto firms such as Coinbase, Circle, Crypto.com and Paxos have received conditional approval for similar charters.
Official filing
In a statement, Block said the application would allow Builders Bank to operate under OCC supervision as a national trust bank. Lee Woolley, who will lead the bank, said the institution is positioned to support Block’s broader vision of economic empowerment.
Industry context
Several digital‑asset companies have already obtained conditional approval for federal trust‑bank charters, including Coinbase, Circle, Crypto.com and Paxos. The decentralized protocol World Liberty Financial, reportedly backed by former President Donald Trump, also received approval this year.
Why it matters
If approved, the charter would let Block provide regulated custody of bitcoin and stablecoins, giving users a bank‑like safety net for crypto assets. This could simplify how businesses and individuals store and move digital money.
Next steps
The OCC will review the application and decide whether to grant the charter. Block has not disclosed a timeline for a decision.
Sources
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