🚨 Payments giant Block is going to open its own bank!
Applying to the US OCC for a trust license—specifically to custody Bitcoin and stablecoins—no deposits, no lending, what’s the point?

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👀 One-sentence update: Block (the payments company co-founded by Jack Dorsey) has submitted an application to the US Office of the Comptroller of the Currency (OCC) to establish a nationwide trust bank, Builders Bank & Trust, N.A., mainly providing digital-asset custody and trust services. Bitcoin and stablecoins are explicitly named as the custody targets.

📊 Key details: It’s not a commercial bank—not taking deposits, not making loans, and it does not have FDIC deposit insurance. The proposed head is Lee Woolley, Block’s digital assets strategy lead, with 20 years of banking industry experience.

🔥 Why it’s worth watching: This path isn’t unique. Circle previously also applied for a US trust bank license, specifically to custody USDC. The two companies taking the same route back-to-back suggests that a “trust bank license” is becoming the standard compliance answer for crypto firms.

💡 What’s truly worth paying attention to isn’t whether Block can get the license. It’s that the “bankification of crypto companies” is gaining momentum: custody, settlement, and trust—territory traditionally owned by banks—are being entered by tech firms through the side door. Once many appear in batches, the moat that traditional banks have in digital assets can be bypassed directly.

⚠️ Cold water: Pay attention to the wording—right now it’s only an “application submitted,” not “approved,” and definitely not “opened for business.” The OCC’s approval timeline and requirements could take a long time and change a lot. Don’t treat the application as proof of launch.

👀 Do you think the next company to apply for a bank license will be an exchange or a stablecoin issuer? Let’s discuss in the comments below 👇

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