Bitcoin
Jack Dorsey's Block Applies for US Bank Charter to Custody Bitcoin and Stablecoins
Block has filed an application with US banking regulators to establish an uninsured depository institution dedicated to digital asset custody.
Jack Dorsey's payments firm, Block, has submitted an application to the US Office of the Comptroller of the Currency (OCC) to create Builders Bank and Trust. The proposed institution is designed to operate as an uninsured depository bank under direct federal oversight, focusing specifically on holding Bitcoin and stablecoins for third parties rather than relying on external custody providers.
The institution would not offer traditional banking services, such as checking accounts or consumer lending, but would instead serve as a dedicated custody vehicle under a national banking framework. If granted a charter, Builders Bank would be led by Lee Woolley, Block’s current digital assets strategy head and a former executive at Northern Trust and BNY Mellon.
Block noted that the venture builds upon its experience operating Square Financial Services. The filing comes amid broader industry interest, with the OCC reportedly receiving 40 digital-asset-related bank charter applications since 2025.
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