Block Seeks OCC Charter for Uninsured Bitcoin and Stablecoin Custody Bank

Builders Bank would operate under direct federal supervision without taking deposits or making loans, but the application still requires OCC approval.

Block has applied to establish Builders Bank & Trust, N.A., which, if approved, would be an uninsured national trust bank under direct federal supervision, the company said on Sept. 8.

The proposed bank would provide custody and related fiduciary services, including for bitcoin and stablecoins, under the supervision of the Office of the Comptroller of the Currency. Block separately said the charter would establish a federal framework for certain custody and related activities it already offers.

Builders Bank would not accept deposits or make loans. It would also be uninsured, limiting the proposed institution to a different model from a conventional deposit-taking lender.

The filing remains at the application stage. Block said it is subject to OCC review and approval, and that Builders Bank would not begin operating until it receives the required regulatory approvals. At the reporting cutoff, the OCC's public digital-assets table listed applications received through Aug. 19 and did not yet include Builders Bank.

Block Enters the OCC Charter Pipeline