Block Seeks US Trust Bank Charter for Bitcoin and Stablecoin Custody
Block, the payments company founded by Jack Dorsey, is seeking to establish a federally regulated trust bank to provide custody services for Bitcoin and stablecoins. The company has submitted an application to the Office of the Comptroller of the Currency (OCC) to create Builders Bank & Trust, an uninsured national trust bank.
If approved, the bank would operate under OCC supervision and offer custody and related fiduciary services. Block says this charter would give its custody operations a consistent national framework as the business expands.
The proposed bank would not accept deposits or make loans, separating it from a conventional commercial bank. Lee Woolley, Block's digital asset strategy lead, would serve as Builders Bank's president and CEO.