Block seeks US trust bank charter for Bitcoin and stablecoin custody
Jack Dorsey's Block submitted an application to the OCC to create Builders Bank & Trust, a federally regulated institution dedicated to digital asset custody.
Block, led by Jack Dorsey, has applied to the Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust. This proposed national trust bank aims to provide custody services for Bitcoin and stablecoins under OCC supervision. The new entity would offer fiduciary services but would not accept deposits or make loans, distinguishing it from conventional commercial banks. Lee Woolley, Block's digital asset strategy lead, will serve as the president and CEO. She stated that the institution would leverage Block's existing experience with Square Financial Services. Other companies pursuing similar charters include Ripple, which received conditional approval; Circle and BitGo, which received final approval; and Payward and Zerohash, which submitted applications. While Block joins this group, its specific submission remains pending decision.
