Block is not asking Washington to turn Cash App into an FDIC-insured lender. Its Builders Bank application is for a narrower institution: an uninsured national trust bank that would custody digital assets, execute client trades and move stablecoins, while taking neither deposits nor making loans.

That distinction is the useful answer for investors following Block’s September 8 announcement. A federal charter could simplify supervision of crypto-custody activities and open an institutional service line, but it would not transform the company’s funding model or give it a conventional bank balance sheet. Approval also remains pending.

Block shares ended Friday at $79.21, about 1.1% below their September 8 close, according to daily market…