Block applies for OCC charter for custody of bitcoin and stablecoins

Block said it has applied to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank focused on custody and related fiduciary services, including for bitcoin and stablecoins.

Building “Builders Bank & Trust, N.A.”

In a Tuesday (Sept. 8) press release, Block said it submitted an application to create Builders Bank & Trust, N.A. The company framed the charter as a way to support custody and fiduciary activities through a national framework as its business scales.

Uninsured trust bank model

Block said the proposed charter would create an uninsured national trust bank that would not accept deposits or make loans. It would also establish a federal supervisory framework for certain custody and related activities Block already offers.

Leadership for the proposed bank

Builders Bank would be led by Lee Woolley, Block said. Woolley currently serves as digital asset strategy lead at Block. The release also cited prior roles including president and CEO of Treasury Department Federal Credit Union, and senior leadership positions at Northern Trust and BNY Mellon.

OCC de novo chartering push

The OCC has been working to reinvigorate de novo chartering. In an Aug. 11 press release, the regulator said it received 40 de novo applications in the previous 18 months. It previously received 48 applications in the 14 years from 2011 through 2024, including three years with no applications.

Why it matters

A national trust bank charter would give Block a federal supervisory structure for custody-related services tied to digital assets. It also reflects how some fintech firms are using bank charters to manage compliance and expand custody operations under a consistent regulatory framework.