Key Highlights
- Block submitted a formal application to the Office of the Comptroller of the Currency for Builders Bank & Trust, N.A., seeking national trust bank status
- The institution would specialize in custody and fiduciary solutions for Bitcoin and stablecoin assets
- The bank would operate without deposit-taking capabilities and would remain uninsured
- Block becomes part of an expanding group of cryptocurrency and fintech companies pursuing federal banking charters, alongside Coinbase, Ripple, and Circle
- The OCC has processed 40 de novo charter requests since 2025, granting approval to 21 while rejecting two applications
The fintech enterprise co-founded by Jack Dorsey and Jim McKelvey has submitted a charter application to the Office of the Comptroller of the Currency, seeking to establish Builders Bank & Trust, N.A., a federally regulated national trust institution.
The formal request was lodged this Tuesday. Upon approval, the institution would deliver custody and fiduciary solutions, with a particular emphasis on Bitcoin and stablecoin holdings.
Builders Bank’s Proposed Operations
The planned financial institution would function without federal deposit insurance and wouldn’t accept traditional deposits. Instead, it would concentrate on safeguarding digital assets for customers within a federally supervised regulatory structure.
Lee Woolley, who currently leads Block’s digital asset strategy initiatives, has been designated to serve as the bank’s president and chief executive officer. His professional background includes over twenty years of expertise in banking and financial services sectors.
According to Woolley, the institution is “well positioned to support Block’s broader vision of economic empowerment,” referencing the company’s extensive involvement in digital currencies and its operational history with Square Financial Services.
Block indicated that obtaining a federal charter would establish a uniform nationwide regulatory structure for custody operations and related services the company currently provides. This standardized framework would also facilitate expansion as the enterprise continues to develop.
Regulatory approval from the OCC remains necessary before operations can commence. No specific timeframe has been announced for the agency’s determination.
Growing Wave of Crypto Companies Pursuing Banking Charters
Block’s application represents just one example of a broader trend among cryptocurrency and financial technology firms seeking federal banking authorization.
Just last week, Revolut secured conditional approval from regulators. Additional organizations that have pursued similar charters include Coinbase, Paxos, BitGo, Ripple, and Circle.
Under the present regulatory climate, the OCC has demonstrated a welcoming approach toward cryptocurrency and fintech sectors. The agency has processed 40 de novo charter submissions since 2025, approving 21 applications while rejecting two.
The regulatory body also recently provided conditional approval to World Liberty Financial, an entity supported by President Donald Trump’s family members. This particular authorization attracted significant scrutiny from Washington lawmakers concerned about potential conflicts of interest.
Block possesses prior banking infrastructure through Square Financial Services, which operates under an industrial bank charter issued in Utah. This new federal application represents an expansion of the company’s regulated banking activities.
Builders Bank would function as an independent entity with specialized focus on digital asset custody and associated fiduciary operations.
This application represents another significant move by a prominent fintech organization to integrate its cryptocurrency services under comprehensive federal regulatory supervision, as the OCC manages an unprecedented influx of charter applications.
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