Block applied to set up Builders Bank, an uninsured national trust bank. That would give it a federal framework to custody Bitcoin, stablecoins, and other digital assets, a direct path to becoming a regulated crypto bank.
financeWednesday, September 9, 2026
Block bids for a national trust bank
Jack Dorsey's Block is making a big regulatory move, applying for a national trust charter to hold crypto. Meanwhile, Visa is opening its settlement data to blockchain lenders, and the stablecoin market is wrestling with interoperability. It's a day of infrastructure building, not hype.
Crypto banking infrastructure
The big news is a regulatory play: Block wants a federal trust charter, and Gemini just got a Singapore license. These are bets on institutional legitimacy.
Gemini got its final Major Payment Institution license from MAS, completing a two-year transition from in-principle approval. Singapore is becoming a go-to jurisdiction for regulated crypto services.
Visa is letting blockchain lenders borrow against settlement data from VisaNet. A pilot with Credit Coop shows the idea works: small payment firms can now use their receivables as collateral, which traditional lending often ignores.
The stablecoin market is shifting from issuance volume to interoperability. The question is whether it becomes a universal rail or fragments into commercial networks.
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