Key Takeaways
Block applied to the OCC on September 8 to charter Builders Bank and Trust, a national trust bank built to custody bitcoin and stablecoins for the company and its customers.
The bank would be uninsured, would not take deposits or make loans, and would put custody services Block already offers under federal supervision.
Digital assets now drive most new bank applications, with 23 of the 40 charter requests the OCC received over 18 months tied to crypto.
Block, the payments company led by Jack Dorsey, has asked federal regulators for permission to run its own bank. The company said on September 8 that it filed an application with the Office of the Comptroller of the Currency to establish Builders Bank and Trust, a national trust bank that would hold bitcoin and stablecoins for Block and its customers.
What Builders Bank and Trust would do
The proposed bank would be different from the one most people picture. It would be uninsured, and it would not take deposits or make loans. Its job would be custody, the business of safekeeping assets, along with related fiduciary services. Block already offers some of that work through its crypto and financial products, and the charter would move it under a single national framework supervised by the OCC as the business grows.
Builders Bank would be led by Lee Woolley, Block's digital asset strategy lead, who previously held senior roles at Northern Trust and BNY Mellon. Woolley said the team would work with the OCC to pursue a charter designed to support "the secure custody of assets for Block and its customers."
Crypto firms are lining up for bank charters
Block is not alone. The OCC said in August that it had received 40 new bank applications over 18 months, after getting just 48 in the previous 14 years. Most of the recent wave is tied to digital assets. Ripple, Circle, Paxos, BitGo and Fidelity Digital Assets all won conditional approvals in December 2025, and Circle National Trust received final approval in July.
The pattern is hard to ignore. The same custody rails the biggest banks are building now sit at the center of a fintech's bank strategy, and it is being built to a federal standard. WYDE has tracked that shift as Citi moved to custody bitcoin for institutions and as 39 state banking associations formed the BankChain Alliance to build a bank-owned blockchain.
People Also Ask
What is Builders Bank and Trust?
Builders Bank and Trust is the national trust bank Block applied to charter with the OCC on September 8, 2026, to custody bitcoin and stablecoins. It would be uninsured and would not take deposits or make loans.
Who would run Block's Builders Bank?
Lee Woolley, Block's digital asset strategy lead and a former executive at Northern Trust and BNY Mellon, is expected to serve as president and chief executive if the charter is granted.
Why do crypto companies want national trust bank charters?
A national trust charter puts custody and fiduciary services under one federal supervisor, which can simplify compliance and build institutional trust. It signals a firm can safeguard assets to a national standard.
How many crypto firms are seeking OCC bank charters?
The OCC received 40 new bank applications over 18 months, and most involve digital asset activity. Ripple, Circle, Paxos, BitGo and Fidelity Digital Assets won conditional approvals in December 2025, and Circle received final approval in July 2026.