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 Builders Bank & Trust, N.A., an uninsured, non-deposit-taking national trust bank. This move is aimed at allowing Block to custody bitcoin and stablecoins. The OCC will review the application.

The company aims to leverage this charter to provide a secure and regulated environment for its customers to store their digital assets. If approved, Builders Bank & Trust would be able to hold funds in trust without making deposits or taking on insured deposits.