Block applies for U.S. national trust bank charter

Block, Inc., the financial technology company led by Jack Dorsey, has applied to the U.S. Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, N.A. The proposed entity would operate as an uninsured national trust bank.

Unlike traditional commercial banks, Builders Bank & Trust would not accept customer deposits or issue loans. Instead, the institution would focus on providing federally supervised custody and fiduciary services specifically for digital assets, including Bitcoin and stablecoins. Block aims to use this national charter to create a consistent regulatory framework for its digital asset operations, moving away from the fragmented state-level licensing currently in place.

Lee Woolley, Block’s Digital Asset Strategy Lead, has been designated to serve as the president and CEO of the proposed bank. The move follows a trend of fintech and cryptocurrency firms, such as Coinbase, Circle, and Ripple, seeking federal charters to integrate digital asset services into the regulated financial system.