Block Seeks OCC Approval for Builders Bank & Trust to Manage Digital Assets

The fintech group has asked federal regulators for a national trust charter to centralize its Bitcoin and stablecoin custody.

9 September 2026 · +3

Block has filed an application with the U.S. Office of the Comptroller of the Currency to establish Builders Bank & Trust. If approved, the uninsured national trust bank would operate under federal supervision to provide custody and fiduciary services for Bitcoin and stablecoins without taking deposits or issuing loans.

Lee Woolley, Block's digital asset strategy lead, is slated to lead the bank as president and chief executive officer. Woolley noted that the entity would build on Block's existing digital asset framework and leverage expertise from Square Financial Services, the firm's industrial bank.

The filing places Block alongside several digital asset firms pursuing national trust charters. Ripple has secured conditional approval, Circle and BitGo have obtained final approvals, while Payward and Zerohash have submitted applications.

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