Block Seeks OCC Charter for Bitcoin 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.
The new bank will provide custodial and fiduciary services for bitcoin and stablecoins, bringing some of Block's existing digital asset activities under a single federal regulatory framework.
The combination of Block's experience with digital assets and Square Financial Services positions Builders Bank well to support Block's broader vision of economic empowerment.
A national trust bank charter allows cryptocurrency companies to bring themselves under the federal umbrella, providing comfort in dealing with state regulations and giving institutional clients the confidence to use recognized oversight.