Block Seeks Federal Charter for Digital Asset Custody Bank

Block has filed an application with the Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, N.A., a federally supervised uninsured national trust bank.

The proposed bank would provide custody and related fiduciary services for digital assets such as Bitcoin and stablecoins under the supervision of the OCC.

Builders Bank would not accept deposits or make loans, and it would be uninsured, differing from traditional deposit-taking lenders.

This application is currently at the review stage and requires OCC approval before Builders Bank can begin operating.