Jack Dorsey's Block Files OCC Application for Bitcoin and Stablecoin Custody Bank
The proposed bank would not take deposits or make loans and would give Block a federal framework for custody of Bitcoin and stablecoins.
- On Tuesday, Block submitted an application to the Office of the Comptroller of the Currency to form Builders Bank & Trust, N.A., a proposed national trust bank focused on digital asset custody and fiduciary services.
- Unlike traditional commercial banks, Builders Bank would operate without accepting deposits or issuing loans, instead providing custody services for Bitcoin and stablecoins under federal supervision.
- Lee Woolley, the proposed president and CEO of Builders Bank, brings more than two decades of banking experience and said the bank aims "to support Block's broader vision of economic empowerment."
- Block joins a growing wave of fintech companies seeking federal supervision; the OCC has conditionally approved similar national trust charters for Revolut and Circle throughout 2026.
- Regulatory scrutiny has intensified as Sen. Elizabeth Warren questioned the OCC's authority to grant these charters to digital asset companies, and the Bank Policy Institute considered legal challenges to the regulator's approach.
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30 Articles
Block Applies for US National Trust Bank Focused on Bitcoin, Stablecoin Custody
Jack Dorsey’s Block is pursuing a federal banking charter in the United States as it looks to bring Bitcoin and stablecoin custody operations into a nationally regulated trust institution. Block announced the move Tuesday, saying the proposed institution will operate as Builders Bank & Trust, N.A.Visit Website
Jack Dorsey’s Block seeks US trust bank charter for Bitcoin, stablecoin
The proposed Builders Bank would offer federally supervised digital asset custody but would not accept deposits or issue loans. Jack Dorsey’s payments company Block seeks to establish a federally regulated trust bank to provide custody services for Bitcoin and stablecoins. Block said Tuesday it had submitted an application to the Office of the Comptroller of […]
Jack Dorsey's Block files OCC application for Bitcoin and stablecoin custody bank
Block has applied to establish an uninsured U.S. national trust bank that would place some of its Bitcoin, stablecoin and digital asset custody operations under direct federal supervision. Block said on Tuesday that it submitted an application to the Office…
Dorsey’s Block Joins Crypto-Bank Race With National Trust Bid
Jack Dorsey’s Block Inc. said it has applied to establish Builders Bank & Trust, an uninsured national trust bank that would give the company a federal framework for custody of Bitcoin, stablecoins and other digital assets.
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