Block has applied to the OCC to establish Builders Bank & Trust, an uninsured national trust bank focused on custody and fiduciary services for Bitcoin and stablecoins.
If approved, the bank would provide a federally regulated framework for certain digital asset custody activities already offered by Block. It would not accept deposits or make loans, with Block’s digital asset strategy lead Lee Woolley set to serve as CEO.
Block joins a growing wave of fintech and crypto companies seeking federal bank charters as the U.S. regulatory environment becomes increasingly supportive of digital asset infrastructure.
Coinbase, Ripple, Circle and other firms are also pursuing or operating under federal banking frameworks.
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