Block seeks OCC approval for Builders Bank & Trust, a national trust bank for Bitcoin and stablecoin custody

Block announced that it has submitted an application to the Office of the Comptroller of the Currency (OCC) to create Builders Bank & Trust, N.A., a proposed national trust bank focused on digital‑asset custody.

Purpose and structure of the proposed bank

Builders Bank would operate as an uninsured, non‑deposit‑taking national trust bank. It would not accept customer deposits or make loans, but would offer custody and related fiduciary services for assets such as Bitcoin and stablecoins. The charter would place these activities under direct OCC supervision, providing a federal regulatory framework for the services Block already offers.

Leadership and experience

Lee Woolley, currently Block’s Digital Asset Strategy Lead, would serve as president and CEO of Builders Bank. Woolley brings more than two decades of banking experience, including senior roles at Northern Trust, BNY Mellon, and as former president and CEO of Treasury Department Federal Credit Union.

Context within the broader crypto‑banking landscape

Block joins a growing list of cryptocurrency and fintech firms seeking national trust charters. The OCC has received dozens of applications for new charters, including those from Payward, Revolut, World Liberty Financial, and others. Several firms—such as Circle, Ripple, Paxos, and Fidelity Digital Assets—have already obtained conditional or final approvals for similar trust structures.

Regulatory timeline

The application does not permit immediate operations. Builders Bank can launch only after the OCC completes its review, imposes any required conditions, and grants final approval. The OCC may request additional information, set capital or governance requirements, and conduct a public comment period before deciding.

Potential impact

If approved, Builders Bank would give Block a federally supervised vehicle for secure custody of Bitcoin and stablecoins, aligning its digital‑asset services with a consistent national regulatory regime.