**[Block Joins U.S. Federal Bank Charter Application Wave, Plans to Establish Bitcoin and Stablecoin Custody Trust Bank]** BlockBeats News, September 10: Payment company Block, founded by Twitter co-founder Jack Dorsey, has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish an uninsured national trust bank named Builders Bank & Trust, N.A. Proposed President and CEO Lee Woolley stated in a statement that the bank will leverage Block's expertise in the digital asset space, the history of Square Financial Services, and the team's deep banking expertise to support Block's long-term vision of "economic empowerment." If the application is approved, Builders Bank will provide custody and other trust services, including Bitcoin and stablecoins, and establish a federal regulatory framework for some of Block's current custody operations. This application represents the latest move by fintech and crypto companies in the race to obtain federal bank charters. Last week, Revolut received conditional approval from the OCC, joining the ranks of Coinbase, Paxos, BitGo, Ripple, and Circle. Under its current leadership, the OCC has maintained a crypto-friendly stance, previously granting conditional approval to World Liberty Financial, a company supported by the Trump family, which sparked scrutiny over potential conflicts of interest. Since 2025, the OCC has received 40 applications for new bank charters, approving 21 and rejecting only 2. Block's application for a federal charter at this time signifies its expansion from payment and crypto services to federally regulated, bank-grade custody infrastructure. [Original Link]