Block Seeks Federal Charter for Digital Asset Custody Bank
Block, the payments company founded by Jack Dorsey, has filed an application to charter a new federal trust bank called Builders Bank & Trust. The institution would provide custody and fiduciary services for digital assets, including Bitcoin (BTC) and stablecoins, under direct supervision from the Office of the Comptroller of the Currency.
The proposed bank would not take deposits or extend loans, keeping its focus on digital asset custody rather than broader banking functions. Block cited its experience running Square Financial Services, an existing industrial bank, as relevant groundwork for the new venture.
Lee Woolley, who leads digital asset strategy at Block, is named as the proposed president and CEO of Builders Bank & Trust. The company's application is part of a broader effort by financial technology and crypto companies to operate under a single national framework rather than navigating different regulatory requirements across individual states.