Key facts
- Block has applied to the OCC for a national trust bank charter for Builders Bank & Trust.
- The proposed bank will custody Bitcoin and stablecoins.
- Builders Bank & Trust will be uninsured and will not accept deposits or issue loans.
- Lee Woolley is proposed to be the president and CEO of Builders Bank & Trust.
- Block previously handled approximately $10.7 billion in Bitcoin volume last year.
Jack Dorsey's payments company, Block, has applied to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter to establish Builders Bank & Trust. The proposed institution would focus on custody services for Bitcoin and stablecoins, operating under OCC supervision but remaining uninsured and non-depository, meaning it would not accept deposits or issue loans. Block stated that a federal charter would provide a consistent national framework for its scaling digital asset operations, which handled approximately $10.7 billion in Bitcoin volume last year across over 50 state licenses. Lee Woolley, Block's digital asset strategy lead, is slated to serve as the bank's president and CEO. Builders Bank & Trust would be headquartered in Sioux Falls, South Dakota, with Block requesting a waiver for the rule requiring a director to reside within 100 miles of the location. This move follows similar applications from other crypto firms, with Circle and BitGo having secured final approval for charters, and Ripple receiving conditional approval.
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