Block filed with the OCC on September 4 for a national trust bank charter called Builders Bank & Trust. The bank would be uninsured and non-depository, custodying Bitcoin and other digital assets, executing customer buy and sell orders, and settling stablecoins. The company handled approximately $10.7 billion in Bitcoin volume in 2025 under more than 50 state licenses, serving roughly two million monthly crypto users through Cash App. The bank would be headquartered in Sioux Falls, South Dakota, with no branches, with Lee Woolley as chair and CEO. Block says a federal charter would allow it to support these activities through a consistent national framework as the business scales.
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