🔥 Jack Dorsey's Block Applies for Bank Charter to Custody Bitcoin.
Builders Bank Trust would be uninsured and non-depository, taking no deposits and making no loans. Its business would be custody of Bitcoin and other digital assets, executing customer buy and sell orders on a riskless principal basis, and stablecoin settlement. Block has run digital asset services for about eight years under more than 50 state money transmitter and virtual currency licenses, the application says, handling around $10.7 billion in Bitcoin transaction volume in 2025 and serving about two million monthly crypto users through Cash App by the second quarter. A federal charter, Block says, would let it support those activities through a consistent national framework as the business scales.
Builders Bank would be headquartered in Sioux Falls, South Dakota, with no branches. All five proposed directors live elsewhere, and Block has asked the OCC to waive the rule requiring one to live within 100 miles. Lee Woolley, Block's digital asset strategy lead and a former Northern Trust and BNY Mellon executive, would chair it and serve as chief executive. Dorsey himself is not among the organizers, directors or senior executives, and appears in the filing only as Block's co-founder.
❓ What's your take is this the start of a bigger move or just noise? Drop it below.
$BTC $ETH
#StablecoinLiquidity #FidelityCryptoETF #SECryptoRegulation
Builders Bank Trust would be uninsured and non-depository, taking no deposits and making no loans. Its business would be custody of Bitcoin and other digital assets, executing customer buy and sell orders on a riskless principal basis, and stablecoin settlement. Block has run digital asset services for about eight years under more than 50 state money transmitter and virtual currency licenses, the application says, handling around $10.7 billion in Bitcoin transaction volume in 2025 and serving about two million monthly crypto users through Cash App by the second quarter. A federal charter, Block says, would let it support those activities through a consistent national framework as the business scales.
Builders Bank would be headquartered in Sioux Falls, South Dakota, with no branches. All five proposed directors live elsewhere, and Block has asked the OCC to waive the rule requiring one to live within 100 miles. Lee Woolley, Block's digital asset strategy lead and a former Northern Trust and BNY Mellon executive, would chair it and serve as chief executive. Dorsey himself is not among the organizers, directors or senior executives, and appears in the filing only as Block's co-founder.
❓ What's your take is this the start of a bigger move or just noise? Drop it below.
$BTC $ETH
#StablecoinLiquidity #FidelityCryptoETF #SECryptoRegulation