Jack Dorsey-founded payments company Block, Inc. has applied to establish a federally regulated national bank, joining a growing group of fintech and cryptocurrency firms seeking approval from the Office of the Comptroller of the Currency (OCC).
Block said on Tuesday that it had submitted an application to create Builders Bank & Trust, N.A., an uninsured national trust bank.
If the application is approved, Builders Bank would provide custody and other fiduciary services, including services involving bitcoin and stablecoins. Block said the national charter would also give it a federal framework for supporting those activities and for carrying out certain custody and other services it already offers.
The proposed bank would be led by Lee Woolley as president and chief executive. In a statement, Woolley said Block’s work in digital assets and its previous banking experience would provide a foundation for the new institution.
“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,” said Woolley.
Block’s move comes as the OCC adopts what has been described as a supportive approach towards the digital-asset and fintech sectors. A rising number of companies in those industries have applied for national bank charters, allowing them to operate under federal oversight and establish a nationwide regulatory structure for parts of their business.
Last week, Revolut received conditional approval for its application. It followed other companies, including Coinbase, Paxos, BitGo, Ripple and Circle, in seeking a federal charter from the OCC.
The regulator has also recently granted conditional approval to World Liberty Financial, a company backed by the family of US President Donald Trump. That decision has attracted scrutiny in Washington because of potential conflicts of interest.
The OCC has received 40 de novo charter applications since 2025. Of those, 21 have been approved and two have been rejected.
Block’s application therefore arrives during a period of increased interest in federal bank charters from companies operating in payments, financial technology and digital assets. Builders Bank’s proposed role would focus on trust and custody services rather than insured deposit-taking, as the application is for an uninsured national trust bank.
The application still requires OCC approval before Builders Bank can begin operating under the proposed federal charter. Until then, Block’s plans remain subject to the regulator’s review.
