The Daily: Jack Dorsey's Block joins the crypto rush for federal bank charters, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Wednesday! Bitcoin is still hovering below $80,000 ahead of Friday's CPI print, with Bitget analyst Lewis Huang telling The Block the cryptocurrency has shown "unusually high sensitivity" to shifting U.S. rate expectations over the past week, while LMAX Group Market Strategist Joel Kruger said the recent corrective phase may be nearing its end.

In today's newsletter, Jack Dorsey's Block seeks to become a federally regulated national bank, MetaMask splits from Consensys, Tether and Fasanara launch a $400 million private credit fund, and more.

Meanwhile, the Ink Foundation, GSR, and several law and audit firms opened the Charter Foundation to help crypto founders cut token launch costs.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

Jack Dorsey's Block joins rush for federal bank charters from OCC

Jack Dorsey's Block filed with the OCC to establish an uninsured national trust bank called Builders Bank & Trust, joining the rush of crypto and fintech firms seeking federal charters.

• If approved, Builders Bank would offer custody and fiduciary services, including for bitcoin and stablecoins, giving Block a federal framework for activities it currently offers.
• Lee Woolley, set to run Builders Bank as president and CEO, pointed to Block's digital asset and Square Financial Services experience as the foundation for the new venture.
• The application comes after Revolut's conditional approval last week and follows a wave of others, including Coinbase, Ripple, Circle, Paxos, and BitGo, as the OCC takes a friendlier stance toward crypto.
• The OCC also recently granted conditional approval to Trump family-backed World Liberty Financial, amid Washington scrutiny over potential conflicts of interest.
• Since 2025, the OCC has received 40 de novo charter applications, approving 21 and denying two.

Consensys splits MetaMask from institutional and Ethereum infrastructure businesses

Consensys is splitting into two independent companies, separating its consumer-facing MetaMask wallet business from its infrastructure operations by year-end.

• The existing entity will rebrand as MetaMask under CEO Joe Lubin, expanding beyond its wallet roots into payments, savings, and investing.
• A newly formed company will keep the Consensys name under CEO Mike Kriak, focused on infrastructure like Layer 2 network Linea and Ethereum clients Besu and Teku.
• The split reflects growing institutional demand for tokenization and stablecoins, though the company stayed quiet on a possible MetaMask IPO or token.

Tether, Fasanara launch $400 million fund for stablecoin-enabled private credit

Tether and Fasanara Capital committed $400 million to a new private credit fund called StableFund, aiming to raise up to $3 billion more from institutional investors.

• Fasanara will manage the fund, investing in short-duration, asset-backed credit, while Tether will source USDT-linked financing and provide the stablecoin settlement rails.
• The structure embeds USDT into small-business and consumer lending across fintech platforms in more than 60 countries, pitched as moving capital across borders more efficiently than traditional systems.
• "We are turning Tether's origination network into a direct channel for capital to flow to the businesses and communities that need it most," Tether CEO Paolo Ardoino said.

India seeks takedowns of 15 crypto platforms over AML compliance

India's Financial Intelligence Unit issued non-compliance notices to 15 crypto platforms under its anti-money laundering law, including Weex, Blofin, Bitunix, and XT.com.

• The agency is also seeking to take down the platforms' apps and URLs, saying they operated illegally in India without meeting legal requirements.
• The enforcement push follows India's 2023 expansion of its AML framework, which requires crypto service providers, offshore or onshore, to register with the FIU regardless of physical presence.
• Bybit, Coinbase, and Binance all previously restricted and later restored Indian services after registering, though the FIU warned crypto remains unregulated with no recourse for losses.

First staked ETF tied to Tron hits the US market

The first staked ETF tied to Tron launched on Wednesday under the ticker TRXS, giving investors traditional-market exposure to the blockchain's TRX cryptocurrency plus its staking rewards.

• The Canary Staked TRX ETF reflects staking gains in its net asset value, with founder Justin Sun saying the launch "demonstrates the growing recognition of the Tron network as critical infrastructure for the global digital economy."
• Canary CEO Steven McClurg connected the fund's appeal to Tron's heavy use for stablecoin transfers as global adoption grows.

In the next 24 hours

• U.S. jobless claims and PPI data are out at 8:30 a.m. ET on Thursday.
• Aerodrome Finance, Babylon, and Linea are among the crypto projects set for token unlocks.
• Lagos Blockchain Week, Boston Blockchain Week, and Crypto Expo Dubai 2026 continue. UN Blockchain Week kicks off in New York.

Reader poll

UBS and other Swiss firms are testing a Swiss franc stablecoin. Will non-dollar stablecoins ever matter?

YES, THEY'LL CATCH ON

NO, IT'S A DOLLAR WORLD

One click records your pick. We'll share the result in a later edition.

*Just 39% of respondents in last Wednesday's poll agreed with the Strategy CEO's defense of selling bitcoin low and buying it back higher as the "right trade."

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