Block seeks OCC approval for a national trust bank
Block, the company led by Jack Dorsey, is asking the OCC for approval to establish a national trust bank, according to reporting on the proposal. For related coverage, see Paxos Seeks U.S. National Trust Bank Charter.
A Block national trust bank would give the company a federally chartered vehicle rather than a patchwork of state licenses. The OCC’s charter application process is the gateway for that kind of federal recognition. For related coverage, see Anchorage Digital Bank Seeks Fed Master Account Approval.
Block is not alone in eyeing this path. Crypto firms have been lining up for the same charter, from Crypto.com’s national trust bank charter application to Paxos seeking national trust bank status.
Bitcoin and stablecoin custody define the proposed scope
The proposed institution is aimed at custody. If approved, it would hold Bitcoin and stablecoins on behalf of clients, the two asset categories named in the proposal. For related coverage, see CryptoDotCom Applies for US National Trust Bank Charter.
That focus keeps the described scope narrow. The plan, as reported, centers on safekeeping those assets rather than any broader banking activity.
The custody-first framing echoes moves by other digital asset firms, including Anchorage Digital Bank’s pursuit of a Fed master account, as crypto companies push to operate under formal regulatory oversight.
What the filing establishes about OCC approval status
One distinction matters: Block is seeking approval, not announcing it has one. The OCC has not been reported to have granted the charter.
There is no confirmed decision date, approval condition, or launch timeline attached to the request. Until the OCC acts, the proposed bank is a request on the table, not an authorized or operating institution.
So the question now sits with the regulator: will the OCC hand a Bitcoin-and-stablecoin custody charter to one of fintech’s biggest names?
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
