Block, the payments company founded by Jack Dorsey, has applied to establish Builders Bank & Trust, N.A. If approved, the entity would operate as an uninsured national trust bank under the direct supervision of the U.S. Office of the Comptroller of the Currency, or OCC. Its planned business would focus on Bitcoin and stablecoin custody and trust services, while excluding traditional banking activities such as taking deposits and making loans.
The application is still pending review. The OCC’s public list of digital-asset-related charter applications currently shows 11 pending filings submitted between Feb. 23 and Aug. 19, but Builders Bank is not yet listed there. The filing comes after the OCC conditionally approved five national trust applications in December 2025, including Circle’s First National Digital Currency Bank, Ripple, and conversion applications tied to BitGo, Fidelity Digital Assets, and Paxos. Circle later received final approval in July this year.
The move also lands in the middle of a policy debate. The Bank Policy Institute, which represents large U.S. banks, has previously opposed a series of limited-purpose national trust charter applications, arguing that companies should not receive trust charters unless they intend to operate genuine trust companies. It also warned against using such charters as a lightly regulated path to bank-like products. Block said Builders Bank will not begin operations until all required regulatory approvals are obtained.
Block, the payments company founded by Jack Dorsey, has applied to establish Builders Bank & Trust, N.A. If the application is approved, the institution would become an uninsured national trust bank directly regulated by the U.S. Office of the Comptroller of the Currency, or OCC, with a business focused on Bitcoin and stablecoin custody and trust services. It would not take deposits or make loans.
The application is still awaiting OCC review. The OCC’s public list of digital asset charter applications currently includes 11 pending filings submitted between Feb. 23 and Aug. 19, and Builders Bank does not yet appear on that list.
Earlier, in December 2025, the OCC conditionally approved five national trust applications. Those included Circle’s First National Digital Currency Bank and Ripple, along with conversion applications involving BitGo, Fidelity Digital Assets, and Paxos. Circle received final approval in July this year.
The proposal comes after criticism from the Bank Policy Institute, or BPI, which represents large banks in the United States. BPI had opposed a number of limited-purpose national trust charter applications, arguing that companies should not receive trust charters unless they plan to operate actual trust companies. It also warned against using such charters as a lightly regulated channel for bank-like products.
Block said Builders Bank will not begin operations until it has obtained the required regulatory approvals.
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