Crypto Firm Block Files For U.S. Bank Charter

Payment and cryptocurrency firm Block (NYSE: $XYZ) has filed for a U.S. bank charter that would make it a federally regulated national lender in America.

The company led by Jack Dorsey said it filed an application with the Office of the Comptroller of the Currency to establish a national trust bank that would be called “Builders Bank & Trust.”

If granted a license, Builders Bank would provide custody and other fiduciary services, including for Bitcoin (CRYPTO: $BTC) and stablecoins.

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Block operates the popular Cash and Square Apps for payments and is an acquirer of Bitcoin.

The company’s application for a bank charter comes as a growing number of crypto firms seek to grow and expand their offerings to consumers.

Other crypto-focused companies that have received a national bank charter in the U.S. include Coinbase Global (NASDAQ: $COIN) and Circle Internet Group (NYSE: $CRCL), among others.

Since 2025, the Office of the Comptroller of the Currency has received 40 bank charter applications and has approved 21 of them.

XYZ stock has declined 68% over the last five years to trade at $80.10 U.S. per share.

Source: finance.yahoo.com