Block Applies for US Trust Bank Charter to Offer Bitcoin and Stablecoin Custody

Jack Dorsey’s payments firm Block has submitted an application to the Office of the Comptroller of the Currency (OCC) to create Builders Bank & Trust, an uninsured national trust bank focused on digital‑asset custody.

Purpose of the charter

The proposed bank would operate under OCC supervision and provide custody and related fiduciary services for Bitcoin and stablecoins. It would not accept customer deposits or make loans, distinguishing it from a traditional commercial bank.

Leadership and experience

Lee Woolley, Block’s digital‑asset strategy lead, is slated to serve as president and CEO of Builders Bank. Woolley said the new institution would leverage Block’s existing digital‑asset operations and the experience gained from Square Financial Services, Block’s industrial bank.

Industry context

Block joins a growing list of fintech and crypto firms seeking national trust bank charters. Ripple has received conditional approval for a similar charter, while Circle and BitGo have secured final approval. Payward, the parent of Kraken, and infrastructure provider Zerohash have also filed applications.

Regulatory implications

If approved, the charter would give Block a consistent national framework for its expanding custody business, aligning it with federal oversight while keeping it separate from deposit‑taking activities.