Don’t let “bank” fog yer spyglass: Builders Bank would be uninsured and take neither deposits nor loans, so Block be buying a federal custody wrapper, not a balance-sheet engine. With Cash App already commanding distribution, the prize be hauling custody and stablecoin plumbing under one hull instead of paying third-party banks. Will Block migrate Cash App customers’ BTC into Builders Bank, and will that cargo sit in bankruptcy-remote, on-chain-segregated wallets? 🦑

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