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Block, the payments company co-founded by Jack Dorsey, has applied for a United States trust bank charter.
The proposed institution, to be called Builders Bank, would provide federally supervised custody of digital assets including Bitcoin ($BTC) and stablecoins, but would not accept deposits or issue loans.
The design strips the bank to a single function.
By excluding deposits and loans, Builders Bank would shed the balance-sheet obligations that define a commercial bank while still operating under direct federal regulatory oversight.
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