Block Seeks Federally Regulated Trust Bank Charter for Bitcoin and Stablecoin Custody
Jack Dorsey's payments company Block is seeking to establish a federally regulated trust bank to provide custody services for Bitcoin and stablecoins.
The company submitted an application to the Office of the Comptroller of the Currency (OCC) to create Builders Bank & Trust, an uninsured national trust bank that would operate under OCC supervision.
Block's digital asset strategy lead Lee Woolley will serve as Builders Bank's president and CEO. Woolley stated that the proposed institution would draw on Block's digital asset operations and its experience with Square Financial Services, the company's existing industrial bank.
This move comes as other financial technology and crypto companies pursue national trust bank charters. Ripple has received conditional approval for a similar charter, while Circle and BitGo have received final approval. Kraken parent Payward and crypto infrastructure provider Zerohash have also submitted applications.