Block Seeks OCC Charter for Bitcoin Custody Bank

Block, a payments company founded by Jack Dorsey, has taken a significant step towards regulated crypto custody. The company filed an application with the U.S. Office of the Comptroller of the Currency to charter a new national trust bank called Builders Bank & Trust, N.A.

The proposed entity would provide custody and fiduciary services for bitcoin and stablecoins under direct OCC supervision. This move signals that fintech companies are increasingly treating digital asset infrastructure as core banking business rather than a side experiment.

Builders Bank would not take deposits or make loans, distinguishing it from traditional commercial banks. Lee Woolley, Block's Digital Asset Strategy Lead, is expected to serve as president and CEO if the charter is granted.