Block Seeks OCC Approval to Launch National Trust Bank for Bitcoin and Stablecoins

Block, the financial services company founded by Jack Dorsey and Jim McKelvey, is seeking approval from the Office of the Comptroller of the Currency (OCC) to launch Builders Bank & Trust, a national trust bank focused on federally supervised custody and fiduciary services for Bitcoin and stablecoins. The new bank will operate under a national charter, providing a consistent federal framework to support Block's growing digital asset custody business.

Builders Bank will be uninsured and non-deposit-taking, aiming to enhance Block's broader vision of economic empowerment. Approval from the OCC is required before operations can begin.