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Block files with OCC for uninsured national trust bank charter

Builders Bank & Trust, N.A., if approved, would offer custody and fiduciary services for bitcoin and stablecoins, expanding Block’s ability to support those activities under a federal framework.

Reported · Written up by our desk · Regulation

Jack Dorsey-founded Block, Inc. has filed an application with the US Office of the Comptroller of the Currency to establish an uninsured national trust bank called Builders Bank & Trust, N.A., The Block reported. The company said the move comes as more fintech and crypto firms seek federal bank charters.

In its filing, Block said Builders Bank would provide custody and other fiduciary services, including for bitcoin and stablecoins. The company also said a federal charter would enable Block to support those activities and create a federal framework for certain custody and other operations it currently offers.

Block named Lee Woolley as the prospective president and CEO of Builders Bank, saying the effort builds on Block’s digital asset experience, its history with Square Financial Services, and the banking expertise of its assembled team. Block said it believes Builders Bank is well positioned to support Block’s broader vision.

The Block noted that the application follows OCC activity in the sector, including conditional approval for Revolut last week and other recent filings by firms such as Coinbase, Paxos, BitGo, Ripple, and Circle. It also said the OCC has received 40 de novo charter applications since 2025, approving 21 and denying two in that period.

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