Key highlights:
- Block has applied for an OCC charter to establish Builders Bank & Trust, a federally regulated national trust bank
- The proposed bank would focus on Bitcoin and stablecoin custody, while not accepting deposits or making traditional loans
- The move puts Jack Dorsey’s Block among a growing group of crypto firms seeking federal banking charters
Jack Dorsey’s Block has applied to the US Office of the Comptroller of the Currency (OCC) to establish a national trust bank focused on Bitcoin (BTC) and stablecoin custody. The proposed Builders Bank & Trust would give Block a federal framework for expanding digital-asset custody and fiduciary services without becoming a conventional deposit-taking bank.
Block targets Bitcoin and stablecoin custody with OCC application
Block submitted its application for Builders Bank & Trust, N.A., an uninsured national trust bank that would operate under OCC supervision if approved.
The proposed institution would provide custody and related fiduciary services for digital assets, including Bitcoin and stablecoins. Block said the charter will create a consistent national regulatory framework for certain custody activities that it already offers.
Upon full approval by the OCC, Builders Bank will not accept customer deposits or issue loans, distinguishing it from a traditional commercial bank. Rather, its focus will revolve around holding and administering assets on behalf of customers under federal oversight.
Source: Block
If the OCC approves the application, Lee Woolley, Block’s digital asset strategy lead, will become Builders Bank’s president and CEO. Wooley brings over two decades of banking experience to the proposed institution, having previously served as CEO of the Treasury Department Federal Credit Union.
“We look forward to working with the OCC as we pursue a charter designed to support the secure custody of assets for Block and its customers,” said Wooley.
Meanwhile, Block is leaning on its existing experience in regulated financial services, predicting the proposed institution for success. The company operates Square Financial Services, an industrial bank, while its broader ecosystem includes Cash App and Bitcoin-focused products such as Bitkey.
Block joins frantic race for bank charters
Block’s application arrives as crypto and fintech companies race to snag federal banking charters as digital assets move further into the regulated financial system.
Companies including Coinbase, Paxos, Circle, Bitgo and Ripple have pursued and received various forms of federal banking approvals. Revolut also received conditional OCC approval for a national bank charter earlier this month, adding to the laundry list of applications on the desk of the OCC.
Meanwhile, the OCC has received a surge of new bank charter applications since 2025, reflecting growing interest among financial technology companies in obtaining direct federal regulatory status. The agency has approved 21 and denied two of 40 de novo charter applications received during the period.
