Block Applies for National Trust Bank Charter to Custody Bitcoin
Block, Jack Dorsey's fintech company, has applied to the Office of the Comptroller of the Currency for a national trust bank charter to custody Bitcoin and stablecoins. The move would consolidate custody operations currently spread across more than 50 state money transmitter licenses into a single federally regulated entity.
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Story Updates
- Updated Sep 9, 2026, 10:18 AM: Decrypt confirms Block filed the OCC application; no material changes to core story.
The Application and Current Structure
Block filed an application with the OCC to establish a national trust bank focused on digital asset custody, according to Decrypt reporting. The company currently operates custody services under more than 50 state money transmitter licenses, a fragmented regulatory structure that the charter would replace with unified federal oversight.
What a National Trust Bank Would Enable
A national trust bank charter would allow Block to custody Bitcoin and stablecoins under a single OCC license rather than managing compliance across state-by-state frameworks. The move signals Block's intent to position itself as a regulated custodian for institutional and consumer digital assets, potentially offering greater regulatory clarity and standardization than the current patchwork of state-level oversight.
Competitive Positioning
If approved, the charter would establish Block as a federally regulated custodian competing directly with traditional banks and specialized custody providers like Fidelity Digital Assets and Coinbase Custody. The consolidated structure could reduce compliance costs and operational complexity while creating a clearer pathway for institutional clients evaluating custody providers against established banking standards.
Why It Matters
For Traders
OCC approval would signal mainstream banking acceptance of Bitcoin custody but presents no immediate price catalyst or trading signal.
For Investors
Federal charter establishes Block as a regulated custodian in direct competition with traditional banks, expanding addressable market in institutional asset management.
For Builders
Approval would create a federally regulated custody layer compatible with traditional finance, reducing friction for on-ramp and cross-chain protocols.
This article is for information only and is not financial advice. Read the full disclaimer.
