Block is seeking regulatory approval to operate a national trust bank, joining a copious list of fintechs seeking to become banks.

The parent of Cash App and Square said Tuesday it will establish Builders Bank & Trust if granted approval by the Office of the Comptroller of the Currency.

Block’s bank would provide “custody and related fiduciary services, including for bitcoin and stablecoins,” the company said in a press release. Builders Bank would be uninsured and not take deposits or make loans, the company said.

“Building on Block’s experience in the digital asset space, our history with Square Financial Services, and the deep banking expertise of the team we’ve assembled, we believe Builders Bank is well positioned to support Block’s broader vision of economic empowerment,” Lee Woolley, who would serve as the bank’s president and CEO, said in the release.

Woolley is Block’s digital asset strategy lead and the former CEO of Treasury Department Federal Credit Union.

The charter would give Block “a federal supervisory framework for certain custody and related activities” the company now offers, the Oakland, California-based firm said in the release. Block’s Square point-of-sale business received an industrial loan company charter from Utah in 2020, and it established Salt Lake City-based Square Financial Services the following year.

Block isn’t sharing details on the bank’s product offerings at this time, a Block spokesperson said Tuesday in an email.

In May, President Donald Trump signed an executive order requiring federal agencies to “streamline” application processes for fintechs seeking bank charters and other access to “traditional financial services and payment systems.”

Even before that directive, numerous fintechs had decided to pursue banking charters during Trump’s second term.

Last week, London-based fintech Revolut received conditional approval from the OCC to establish a national bank in the U.S.

Other firms that have sought, and gained, OCC national trust bank charters include Circle, Ripple, Paxos, BitGo and World Liberty Financial, the cryptocurrency company associated with Trump’s family. In July, the OCC denied the U.K.-based money transmitter Wise’s national trust charter application.

“America and the OCC are once again open for business,” Comptroller of the Currency Jonathan Gould said last month in a press release, heralding the agency’s pace of new bank charters.