Bitcoin
Jack Dorsey's Block Applies for Federal Charter to Custody Bitcoin and Stablecoins
Block has filed an application to establish Builders Bank, a national institution dedicated to holding crypto assets without taking deposits or issuing loans.
Jack Dorsey's financial technology firm, Block, submitted an application on September 8 to operate Builders Bank, a federally chartered institution designed specifically to custody bitcoin and stablecoins. Under the proposed structure, the entity would neither accept deposits nor extend credit, focusing exclusively on holding digital assets. Block reportedly facilitated roughly $10.7 billion in bitcoin transactions over the prior year.
The move comes amid increasing institutional engagement with banking regulators, with crypto-related businesses accounting for 23 of the last 40 bank filings. The Office of the Comptroller of the Currency previously granted clearances to Circle on July 10 and Revolut on September 2.
The report also highlighted retail interest in project presales such as Pepeto, which has raised over $10.9 million toward an $11.29 million stage cap. The project promotes cross-chain transfers across networks including Ethereum, Solana, and BNB Chain alongside staking yields, while Bitcoin itself traded near $78,000 amid subdued volatility.
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