REGULATION | Block Seeks U.S. Trust Bank Charter for Bitcoin, Stablecoin Custody

Jack Dorsey’s payments company, Block, has applied to the U.S. Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, an uninsured national trust bank.

The proposed bank would provide custody and related fiduciary services for digital assets, including bitcoin and stablecoins, under OCC supervision, Block said.

Builders Bank would not accept deposits or issue loans.

Block said the proposed charter would provide a national framework for its custody operations as the business expands.

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Lee Woolley, Digital Asset Strategy Lead at Block would serve as President and CEO of Builders Bank.

The application remains subject to approval by the OCC.

Block joins other cryptocurrency and financial technology companies seeking national trust bank charters.

• Ripple has received conditional approval for a similar charter, while
• Circle, and
• BitGo

have received final approval.

• Kraken parent, Payward, and
• crypto infrastructure provider, Zero Hash,

have also submitted applications.

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