Block Applies for OCC Charter to Launch Builders Bank for Crypto Custody

• Block has now applied to the OCC to establish Builders Bank and Trust.
• Builders Bank would not take deposits or issue loans, unlike a normal bank.
• Circle has already received similar OCC approval for Circle National Trust.

Block has applied to the Office of the Comptroller of the Currency to create Builders Bank & Trust, N.A., an uninsured national trust bank that would custody bitcoin, stablecoins, and other digital assets on behalf of Block’s customers under direct federal supervision.

What Block Is Actually Proposing

Builders Bank would not take deposits or issue loans. Its sole function would be custody and related fiduciary services, essentially safeguarding digital assets under OCC oversight rather than operating as a traditional bank. If approved, the charter would pull a portion of Block’s existing crypto custody operations into one federally regulated e…

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