Block applies for federal bank charter to consolidate crypto custody

Block Inc. applied to establish Builders Bank & Trust, an OCC-regulated national trust bank that would offer Bitcoin and stablecoin custody services, according to reporting from September 8, 2026.

The application marks a structural shift in how Block manages its custody operations. The company currently runs custody work across more than 50 state money transmitter licenses, per The Defiant's reporting. A federal charter would consolidate those operations under a single regulatory framework administered by the Office of the Comptroller of the Currency.

Builders Bank & Trust would operate as a trust bank under OCC supervision, handling Bitcoin and stablecoin custody as core services. The move reflects broader industry adoption of federal banking infrastructure as a path to streamline regulatory compliance and reduce the operational burden of maintaining licenses across multiple jurisdictions.

The application arrives amid other major infrastructure players exploring similar paths toward federal banking charters. The OCC has signaled openness to chartering banks that offer digital asset services, though the approval timeline and specific regulatory requirements for Builders Bank & Trust remain unaddressed in available reporting.