Block, the payments company co-founded by Jack Dorsey, applies to create a federally supervised trust bank intended to support Bitcoin and stablecoin custody. The proposal centers on Builders Bank & Trust, an uninsured national trust bank that would fall under oversight by the U.S. Office of the Comptroller of the Currency (OCC).
If approved, Builders Bank would provide custody and related fiduciary services for digital assets. Block says the charter is designed to give its custody operations a consistent national framework as the business expands. The proposed institution would not accept customer deposits or issue loans, distinguishing it from a conventional commercial bank.
Block also names Lee Woolley, its digital asset strategy lead, as the proposed president and CEO. Outlets note the application places Block among other financial technology and crypto firms pursuing national trust bank charters, including Ripple, Circle, BitGo, and others that have received varying levels of OCC approval or have submitted applications. Differing coverage focuses mainly on the charter structure and Block’s intent for a regulatory custody framework, rather than changes to user-facing services.
