Jack Dorsey's Block Applies for U.S. Banking Charter

Jack Dorsey's financial technology company Block has officially applied for a U.S. banking charter. The company announced Wednesday that it submitted an application to the Office of the Comptroller of the Currency to establish Builders Bank and Trust. If approved, the new entity will operate under federal supervision and provide dedicated custody and fiduciary services for both bitcoin and stablecoins.

Lee Woolley, designated as the future President and CEO of Builders Bank, stated that the initiative builds on the company's existing experience in the digital asset sector and its prior work with Square Financial Services. Block manages popular financial platforms like Square, Cash App, and the Bitkey wallet. This move aligns with founder Jack Dorsey's long term goal of integrating Bitcoin deeper into daily commerce and financial systems.

Block joins a growing number of digital asset firms seeking official banking status from U.S. regulators. Companies like Coinbase, Circle, Crypto.com, and Paxos have previously pursued similar licenses. Traders and industry watchers will now monitor the Office of the Comptroller of the Currency to see if Block receives the green light, which could set a new standard for crypto integration within traditional banking frameworks.