Block Seeks National Trust Charter for Bitcoin-Focused Custody Bank

Block, led by Jack Dorsey, has filed an application with the Office of the Comptroller of the Currency (OCC) to establish a national trust bank focused on Bitcoin and stablecoin custody. The proposed institution, Builders Bank & Trust, N.A., would operate under OCC supervision if granted the charter.

The bank is not intended to function as a conventional lender or accept customer deposits. Instead, it will focus on trust functions involving digital assets and issue loans are not part of its business model. This structure allows Block to bring existing custody and related services under a unified federal regulatory framework without expanding into traditional banking activities.

Lee Woolley, Block's digital asset strategy lead, has been selected as the president and CEO of Builders Bank & Trust. He emphasized that the venture will draw on expertise from Block's digital-asset operations, Square Financial Services, and the assembled team for Builders Bank.