Block Seeks OCC Approval for National Trust Bank for Bitcoin and Stablecoin Custody

Block, the financial technology company co-founded by Jack Dorsey and Jim McKelvey, is seeking approval from the Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, N.A., a national trust bank that would provide federally supervised custody and fiduciary services for Bitcoin and stablecoins.

The proposed bank, which would be led by Lee Woolley, Block's digital asset strategy lead with over two decades of banking experience, aims to support the company's broader vision of economic empowerment.

Woolley stated that Builders Bank is well-positioned to support Block's activities due to its experience in the digital asset space, history with Square Financial Services, and the expertise of its team. The national charter would provide a consistent federal framework for the custody business as it scales.