{"id":58722,"title":"Block applies for national trust bank charter to expand digital asset services","publisher":"Stockmark.IT","author":"Stockmark.IT Website","published":"2026-09-10T06:26:05+00:00","modified":"2026-09-10T06:26:05+00:00","canonical_url":"https://stockmark.it/block-seeks-occ-bank-charter/","markdown_url":"https://stockmark.it/block-seeks-occ-bank-charter.md","json_url":"https://stockmark.it/block-seeks-occ-bank-charter.json","category":"Banking","categories":["Banking","Currency"],"featured_image":"https://i0.wp.com/stockmark.it/wp-content/uploads/2026/09/block-applies-for-national-trust-bank-charter-to-expand.png?fit=1536%2C1024&quality=80&ssl=1","format":"news","language":"en-GB","content":"Block, the parent company of Cash App and Square, has applied for regulatory approval to establish a national trust bank. The Oakland, California-based firm intends to name the new entity Builders Bank & Trust, subject to final authorisation by the Office of the Comptroller of the Currency. This move positions the company alongside a growing number of financial technology firms seeking to formalise their banking status under federal supervision.\n\nThe proposed institution will focus on providing custody and related fiduciary services, specifically for digital assets such as bitcoin and stablecoins. Block stated in a press release that the bank will not accept deposits or issue loans, and it will operate without insurance. The charter is designed to provide a federal supervisory framework for custody activities that the company currently offers. Lee Woolley, who is designated to serve as the bank’s president and chief executive officer, described the initiative as a step towards supporting Block’s broader vision of economic empowerment. Woolley currently leads Block’s digital asset strategy and previously served as the chief executive of the Treasury Department Federal Credit Union.\n\nThe application follows a shift in regulatory posture, with the Office of the Comptroller of the Currency allowing greater leeway for such licences. In May, President Donald Trump signed an executive order directing federal agencies to streamline application processes for fintechs seeking bank charters and access to traditional financial systems. Comptroller of the Currency Jonathan Gould recently noted that the agency is open for business, highlighting the pace of new bank charters. This regulatory environment has encouraged numerous firms to pursue banking charters during the current administration.\n\nBlock is not the only company in this sector to seek or obtain such charters. Last week, the London-based fintech Revolut received conditional approval from the Office of the Comptroller of the Currency to establish a national bank in the United States. Other entities that have secured national trust bank charters include Circle, Ripple, Paxos, BitGo and World Liberty Financial. Conversely, the UK-based money transmitter Wise had its national trust charter application denied in July. Block’s Square point-of-sale business previously obtained an industrial loan company charter from Utah in 2020 and established Square Financial Services in Salt Lake City the following year. A Block spokesperson indicated that specific details regarding the bank’s product offerings are not currently available."}