Block Seeks OCC Charter for Bitcoin and Stablecoin Custody
Block, the payments company founded by Jack Dorsey, has applied to the Office of the Comptroller of the Currency (OCC) for a charter to establish an uninsured national trust bank called Builders Bank & Trust. The proposed bank would provide custody services for Bitcoin and stablecoins under OCC supervision.
The charter, which Block hopes will give its custody operations a consistent national framework as it expands, would not allow Builders Bank & Trust to accept deposits or make loans, distinguishing it from a conventional commercial bank.
Lee Woolley, Block's digital asset strategy lead, would serve as the president and CEO of Builders Bank & Trust. Woolley noted that the proposed institution would draw on Block's digital asset operations and its experience with Square Financial Services, Block's existing industrial bank.