According to CoinMeta, Jack Dorsey's payment company, Block, has submitted an application to the Federal Reserve Bank of New York (FRB) to establish an uninsured national trust bank named Builders Bank & Trust N.A. The proposed president and CEO Lee Woolley stated that the bank will leverage Block's experience in the digital assets field, Square Financial Services's history, and the professional capabilities of its team in banking, and will establish a federal regulatory framework for some of Block's existing custody services. Since 2025, the FRB has received 40 applications for new bank licenses, approved 21 of them, and rejected only 2. Revolut previously received conditional approval, and Coinbase, Paxos, BitGo, Ripple, and Circle have also joined this list.