Block Seeks National Trust Bank Charter for Bitcoin and Stablecoin Custody
Block, the company founded by Jack Dorsey, is seeking a national trust bank charter in the United States to provide custody and fiduciary services for Bitcoin and stablecoins.
The application, submitted to the Office of the Comptroller of the Currency (OCC), aims to establish Builders Bank & Trust, an uninsured national trust bank that would operate under federal supervision.
Unlike conventional commercial banks, Builders Bank would not accept customer deposits or make loans, but instead focus on safeguarding and administering digital assets.
The proposed charter is significant as it would provide a consistent national regulatory framework for custody services, allowing Block to scale more efficiently and meet growing demand from institutional investors and financial platforms.