TLDR
- Jack Dorsey’s Block filed an application with the OCC to establish Builders Bank & Trust, N.A., a national trust bank
- The proposed bank would offer custody and fiduciary services for Bitcoin and stablecoins
- Builders Bank would be uninsured and non-deposit-taking
- Block joins a growing list of crypto and fintech firms seeking federal bank charters, including Coinbase, Ripple, and Circle
- Since 2025, the OCC has received 40 de novo charter applications, approving 21 and denying two
Block, the fintech company founded by Jack Dorsey and Jim McKelvey, has applied to the Office of the Comptroller of the Currency to create a new national trust bank called Builders Bank & Trust, N.A.
🚨HUGE: Jack Dorsey's Block has applied to become a federally regulated Bitcoin and stablecoin bank.
The company filed with the OCC to establish "Builders Bank," an uninsured national trust bank that would custody Bitcoin and stablecoins under federal supervision.
It would not… pic.twitter.com/9W3BSRuQq0
— Coin Bureau (@coinbureau) September 8, 2026
The application was filed on Tuesday. If approved, the bank would provide custody and fiduciary services, including for Bitcoin and stablecoins.
What Builders Bank Would Do
The proposed bank would be uninsured and would not take deposits. Its focus would be on custody services, meaning it would hold digital assets on behalf of clients under a federal regulatory framework.
Lee Woolley, Block’s digital asset strategy lead, would serve as president and CEO of Builders Bank. He brings more than two decades of banking and financial services experience to the role.
Woolley said the bank is “well positioned to support Block’s broader vision of economic empowerment,” pointing to Block’s background in digital assets and its history with Square Financial Services.
Block said the federal charter would create a consistent national framework for custody and other activities the company already offers. That framework would also allow those services to scale as the business grows.
The OCC must approve the application before the bank can open. There is no set timeline for a decision.
Block Joins a Crowd of Crypto Firms Seeking Bank Charters
Block is not alone in pursuing a federal bank charter. A growing number of crypto and fintech companies have applied to the OCC in recent years.
Last week, Revolut received conditional approval. Other companies that have pursued charters include Coinbase, Paxos, BitGo, Ripple, and Circle.
The OCC has taken a friendly stance toward the crypto and fintech industry under the current regulatory environment. Since 2025, the agency has received 40 de novo charter applications. It has approved 21 and denied two.
The OCC also recently granted conditional approval to World Liberty Financial, which is backed by President Donald Trump’s family. That decision drew scrutiny in Washington over potential conflicts of interest.
Block already has some banking experience through Square Financial Services, which holds an industrial bank charter in Utah. The new application would expand that footprint at the federal level.
Builders Bank would operate separately and would focus specifically on digital asset custody and related fiduciary services.
The filing marks another step by a major fintech company to bring its crypto operations under formal federal oversight, as the OCC continues to process a large volume of new charter requests.
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