Block, Inc., the enterprise established by Jack Dorsey, is the latest firm pursuing a federally regulated national banking status.
On Tuesday, the payment processing enterprise announced it submitted a bid to the Office of the Comptroller of the Currency to set up an uninsured national trust institution named Builders Bank & Trust, N.A.
"Building on Block’s experience in the digital asset space, our history with Square Financial Services, and the deep banking expertise of the team we’ve assembled, we believe Builders Bank is well positioned to support Block’s broader vision of economic empowerment," stated Lee Woolley, designated president and CEO of Builders Bank, within the announcement.
Should it receive green light authorization, Builders Bank will handle custody alongside alternative fiduciary offerings, featuring support for both bitcoin and stablecoins. Furthermore, this national charter will empower Block to expand these operations while establishing a federal regulatory foundation for specific custodial procedures and services the corporation presently provides, according to Block.
Block’s submission arrives amid an escalating wave of financial technology and digital asset ventures pursuing federal banking credentials. During the previous week, Revolut achieved conditional authorization, trailing prior applicants like Coinbase, Paxos, BitGo, Ripple, and Circle while the OCC maintains an accommodating approach toward the sector.
Additionally, the OCC recently granted conditional approval to World Liberty Financial, an initiative backed by President Donald Trump’s family, sparking debate within Washington concerning prospective conflicts of interest.
Beginning in 2025, the OCC has processed 40 de novo charter submissions, granting 21 approvals and issuing two rejections during that timeframe.
Originally published at https://www.theblock.co/news/regulation/2026-09-08-jack-dorsey-block-joins-rush-federal-bank-charters-from-occ-413947.
