Block Seeks National Trust Bank Charter for Bitcoin Custody

Block, the payments company founded by Jack Dorsey, has taken a significant step towards regulated crypto custody by applying for a national trust bank charter from the U.S. Office of the Comptroller of the Currency (OCC).

The proposed entity, called Builders Bank & Trust, N.A., would allow Block to offer federally supervised custody services for bitcoin and stablecoins.

The bank would not take deposits or make loans, setting it apart from traditional commercial banks. Lee Woolley, Block's Digital Asset Strategy Lead, is expected to serve as president and CEO if the charter is granted.

The OCC's oversight role is central to the entire filing, with Builders Bank answering to a federal banking regulator with authority over national banks and trust companies.