Jack Dorsey’s Block Applies to Establish National Trust Bank

4 Min Read Tags:
  • On September 8, 2026, Block announced that it had applied to the U.S. Office of the Comptroller of the Currency to establish Builders Bank & Trust, N.A., an uninsured national trust bank.
  • If approved, the bank would bring several of Block’s existing custody operations under a single national regulatory framework, allowing the company to scale the business.
  • Builders Bank would provide custody and other fiduciary services for bitcoin, stablecoins and other digital assets, but would not accept deposits or issue loans.

Block announced the application on September 8, 2026. Builders Bank & Trust would operate under federal OCC supervision and would not begin operations until it receives the required regulatory approvals.

The proposed bank would provide custody and other fiduciary services, including services related to bitcoin and stablecoins. Block said a federal charter would allow it to consolidate several existing custody operations under one national regulatory framework and expand that line of business.

Lee Woolley, Block’s head of digital asset strategy, is expected to lead Builders Bank. Woolley has more than 20 years of banking-sector experience and previously worked at Treasury Department Federal Credit Union, Northern Trust and BNY Mellon.

According to Woolley, Block’s digital asset experience, Square Financial Services’ operations and the team’s banking expertise provide a foundation for developing Builders Bank. Block expects to work with the OCC to secure a charter that would allow the bank to provide custody for assets belonging to Block and its clients.

Fintech and crypto companies seek federal charters

Block’s application comes as more fintech and crypto companies seek U.S. federal banking charters. Since 2025, the OCC has received 40 applications to establish new banks, approving 21 and rejecting two, The Block reported.

In December 2025, the OCC conditionally approved applications involving five crypto companies: Circle, Ripple Labs, BitGo, Paxos and Fidelity Digital Assets. Circle and Ripple Labs received conditional permission to establish new national trust banks, while BitGo, Paxos and Fidelity Digital Assets received approval to convert state-level trust companies into federal entities.

Circle advanced to the next stage of the licensing process in July 2026, when it received final OCC approval to establish First National Digital Currency Bank, which will operate as Circle National Trust. The USDC issuer applied in 2025 and received conditional approval in December of that year.

In February 2026, Bridge, a stablecoin platform owned by Stripe, received conditional approval to establish a national trust bank. Once the licensing process is complete, the entity would be able to provide custody services and work with stablecoins under direct federal oversight.

The OCC conditionally approved the creation of Coinbase National Trust Company in April 2026. Coinbase said it did not intend to become a traditional commercial bank and planned to use the charter to develop custody and market infrastructure under a single federal supervisory framework.

World Liberty Financial received preliminary conditional approval in August 2026. The company plans to establish World Liberty Trust Company to issue and service the USD1 stablecoin and provide custody and settlement services.

Conditional OCC approval does not automatically authorize a company to begin banking operations. Applicants must satisfy the regulator’s requirements and obtain final authorization before launching their proposed entities.

Source: Incrypted

Anthropic Models 3 US Economic Scenarios Through 2030

Anthropic published a model outlining three scenarios for the U.S. economy through 2030, with its extreme scenario suggesting annual GDP growth could reach 15% alongside historically high unemployment.

7 Min Read
Robinhood CEO Says Companies Cannot Control Tokenization of Their Shares

In September 2026, Robinhood CEO Vlad Tenev said companies cannot prevent third-party products linked to their shares, defending 1:1 share-backed Stock Tokens after AMC CEO Adam Aron challenged their legality.

5 Min Read
Germany Will Change Crypto-Asset Tax Rules in 2027, Media Reports

Germany’s draft crypto tax reforms would from Jan. 1, 2027, tax profits on covered assets acquired after Dec. 31, 2026, regardless of holding period, while platforms would begin withholding tax…

5 Min Read
Vitalik Buterin Says Recursive STARKs Could Cut Ethereum Private, Post-Quantum Transaction Costs

On Sept. 9, Ethereum co-founder Vitalik Buterin explained EIP-8288, a proposal to aggregate STARK proofs and cryptographic signatures at the mempool level, potentially reducing costs without changing the EVM.

6 Min Read
Bybit Launches AI Assistant for Trading, Account Management

Bybit announced the launch of Bybit AI, a voice assistant that lets eligible users access trading, account management and customer support through one app chat interface after activating an isolated…

4 Min Read