Block Seeks US Trust Bank Charter for Bitcoin, Stablecoin Custody

Jack Dorsey's payments company Block has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, a federally regulated national trust bank focused on digital asset custody. If approved, the uninsured institution would operate under OCC supervision and provide custody and related fiduciary services for Bitcoin and stablecoins, without accepting deposits or issuing loans — a structure that separates it from conventional commercial banks.

Lee Woolley, Block's digital asset strategy lead, has been tapped to serve as president and CEO of the proposed entity. Woolley said Builders Bank would draw on Block's existing digital asset operations and its prior experience operating Square Financial Services, the company's industrial bank. Block stated that the charter would create a consistent national regulatory framework for its custody business as it scales.

Block joins a growing wave of crypto and fintech firms pursuing national trust bank charters. Ripple has received conditional OCC approval, while Circle and BitGo have secured final approvals. Kraken parent Payward and crypto infrastructure provider Zerohash have also filed applications, signaling intensifying competition for federally supervised digital asset infrastructure in the United States.

The move comes as Block continues to reshape its workforce and product strategy. Dorsey recently outlined an AI-integrated vision for the workplace just weeks after the company implemented a 40% staff reduction, underscoring how digital asset custody and artificial intelligence are becoming central pillars of the firm's long-term roadmap.