Jack Dorsey’s Block seeks US trust bank charter for Bitcoin, stablecoin
Block, the payments firm led by Jack Dorsey, has applied to the Office of the Comptroller of the Currency to form Builders Bank & Trust, a federally regulated trust bank to custody Bitcoin and stablecoins. The proposed institution would be an uninsured national trust bank under OCC supervision and would not take deposits or issue loans.
Why It Matters
A national trust charter would place Block's custody services under a consistent federal supervisory framework as the business grows, and it comes amid a wider industry push for similar charters by other crypto and fintech firms. Final or conditional approvals for peers show regulators are actively processing these requests.
Key Facts
- Applicant: Block (Jack Dorsey's payments company)
- Charter sought: Application to the Office of the Comptroller of the Currency (OCC) for Builders Bank & Trust
- Bank type: Uninsured national trust bank
- Supervision: Would operate under OCC supervision and offer custody and fiduciary services
- Business limitations: Would not accept deposits or make loans
Block has filed for a federal trust bank charter to underpin custody services for Bitcoin and stablecoins, according to the company. The filing with the Office of the Comptroller of the Currency proposes creating Builders Bank & Trust as an uninsured national trust bank that would provide custody and related fiduciary functions under OCC oversight.
Block said the charter is intended to give its custody operations a consistent national framework as the business scales. The proposed institution would differ from a traditional commercial bank because it would not take customer deposits or extend credit.
Lee Woolley, who leads Block’s digital asset strategy, is named to serve as president and chief executive of Builders Bank. Block indicated the new bank would leverage the company’s existing digital asset operations and its experience operating Square Financial Services, the firm’s current industrial bank.
Block joins a group of fintech and crypto firms seeking national trust bank charters. Ripple has received conditional approval for a similar charter, Circle and BitGo have obtained final approvals, and applicants including Payward (Kraken’s parent) and crypto infrastructure provider Zerohash have also submitted filings.
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