Block, the company affiliated with Jack Dorsey, has applied to the U.S. Office of the Comptroller of the Currency to establish a federally regulated national trust bank called Builders Bank & Trust, according to a post by Bitcoin News on X. If approved, the bank would offer custody for Bitcoin and stablecoins, along with related fiduciary services.
The proposed institution would focus on safeguarding client assets. The disclosed business scope does not include accepting checking or savings deposits, and it would not make loans. The filing points to a structure centered on custody and trust services rather than traditional retail banking.
Block’s head of digital asset strategy, Lee Woolley, is set to serve as president and chief executive officer of the proposed bank. The application places Block among firms seeking a federally supervised framework for digital asset custody in the United States.
Block, the company affiliated with Jack Dorsey, has applied to the U.S. Office of the Comptroller of the Currency to establish a federally regulated national trust bank called Builders Bank & Trust, according to a post by Bitcoin News on X.
If approved, the bank would provide custody for Bitcoin and stablecoins, along with related fiduciary services. Its stated focus would be the protection of client assets. The proposed institution would not accept checking or savings deposits, and it would not offer loans.
Lee Woolley, Block’s head of digital asset strategy, would serve as the bank’s president and chief executive officer.
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