Block, Inc (XYZ)’s Bank Charter Push Signals Bigger Ambitions in Digital Assets

Block, Inc. (NYSE:XYZ) is taking another step toward consolidating its digital asset operations under a federal regulatory framework. On September 8, it filed an application with the Office of the Comptroller of the Currency (OCC) to charter Builders Bank & Trust, N.A. If chartered, the Builders Bank & Trust could become an important part of Block's digital asset custody infrastructure, giving the company a federally supervised framework for custody and related services involving bitcoin and stablecoins. Proposed Trust Bank Would Expand Block's Crypto Infrastructure Builders Bank & Trust would be an uninsured national trust bank, meaning it would not accept deposits or make traditional loans.