Block Seeks Federally Regulated Trust Bank for Bitcoin Custody

Block, the payments company founded by Jack Dorsey, has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a federally regulated trust bank. The proposed Builders Bank & Trust would provide custody services for Bitcoin and stablecoins under OCC supervision.

The bank would not accept deposits or issue loans, distinguishing it from traditional commercial banks. Block sees this charter as giving its custody operations a consistent national framework as the business expands.