Block Seeks OCC Approval for Uninsured National Trust Bank

Block has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, a non-deposit-taking trust bank that would operate under OCC supervision.

The proposed institution would provide custody and related fiduciary services for assets including Bitcoin and stablecoins, but would not accept deposits or make loans.

Lee Woolley, Block's digital asset strategy lead, would serve as president and chief executive if the charter is approved.

Block stressed that filing an application is not an approval and that the bank cannot begin operating until the required regulatory clearances are received.