Jack Dorsey’s Block seeks US trust bank charter for Bitcoin, stablecoin
Block, Jack Dorsey’s payments company, has applied to the U.S. Office of the Comptroller of the Currency to create Builders Bank & Trust, an uninsured national trust bank. If approved, it would operate under OCC oversight and provide custody and related fiduciary services for bitcoin and stablecoins. The charter would give Block a consistent national framework for its custody business as it grows. The proposed bank would not take deposits or make loans, so it would not function like a traditional commercial bank. Lee Woolley, Block’s digital asset strategy lead, would be president and CEO. Block is joining a broader push by fintech and crypto firms for national trust bank charters, including Ripple, Circle, BitGo, Kraken parent Payward, and Zerohash.
