Block Applies for OCC Charter to Launch Uninsured Bitcoin and Stablecoin Custody Bank

Block has filed an application to create Builders Bank & Trust, N.A., a proposed uninsured national trust bank that would be supervised directly by the Office of the Comptroller of the Currency (OCC). The bank would focus on custody and fiduciary services for digital assets, including bitcoin and stablecoins.

Proposed Structure and Services

Builders Bank would not accept deposits or make loans, distinguishing it from traditional deposit‑taking banks. It would operate as an uninsured entity, providing a framework for the custody activities Block already offers.

Regulatory Process

The application is currently under OCC review. The OCC’s public digital‑assets table lists pending applications through August 19, but Builders Bank is not yet listed. Approval is required before any operations can begin.

Industry Context

The OCC has previously granted conditional approvals to five national trust banks, including new charters for Circle and Ripple and conversions for BitGo, Fidelity Digital Assets, and Paxos. The Bank Policy Institute has voiced opposition to limited‑purpose national trust charters, arguing they should be reserved for genuine trust companies.

Next Steps

Block indicated that Builders Bank will remain inactive until the OCC grants the necessary approvals.