The US-based company Block is hitting a major strategic milestone in its digital asset management by seeking approval from the Office of the Comptroller of the Currency (OCC). By filing for a federal banking charter to establish Builders Bank and Trust, the firm led by Jack Dorsey aims to self-custody its Bitcoin reserves and stablecoins. This move is intended to break the organization's reliance on third-party providers while replacing the complex patchwork of local state licenses with a single, unified national regulatory framework.
Far from a traditional banking model, the planned institution will not offer standard deposit accounts, mortgages, or consumer loans. It will function as an uninsured trust bank dedicated exclusively to the secure custody of digital assets on behalf of the group and its clients. Global management and chairmanship of the entity are expected to be entrusted to Lee Woolley, a Block executive and traditional finance veteran with a background at BNY Mellon, building on the experience gained through its subsidiary, Square Financial Services.
This initiative is part of an unprecedented wave of infrastructure development for digital finance in the United States. Since the start of 2025, the US regulator has recorded 40 federal charter applications, 23 of which come from crypto-asset players—a volume that has increased eightfold in just four years. With 21 authorizations already granted to industry giants like Coinbase, Ripple, Paxos, and more recently Revolut, obtaining federal status is becoming a strategic competitive standard for major companies.
However, this trend has drawn mixed reactions. While financial markets have remained measured regarding this initial application, the strategy reflects the large-scale implementation of the financial sovereignty principle championed by Bitcoin advocates. Meanwhile, political voices in the US Congress, such as Senator Elizabeth Warren, are speaking out, denouncing the use of these specialized charters as a way for the crypto industry to bypass the prudential constraints imposed on commercial banks. The outcome of Block's application will serve as a key indicator of the evolution of federal oversight in Washington.