Block filed an application with the OCC on Tuesday, September 8, 2026 to establish Builders Bank & Trust, N.A.
The proposed bank would provide custody and fiduciary services for digital assets.
Block would include Bitcoin and stablecoins among the assets covered by those services.
Block plans to make Builders Bank an uninsured institution that accepts no deposits or issues traditional loans.
Instead, the bank would focus on digital asset custody and related fiduciary services under OCC supervision.
Block said the national charter would give its expanding custody operations a consistent federal regulatory framework.
Builders Bank cannot begin operations until the OCC approves Block’s application.
Block must also satisfy the regulator’s organisational and operational requirements before the institution can open.
Block plans to appoint Lee Woolley as President and Chief Executive Officer (CEO) of Builders Bank.
Woolley currently leads Block’s digital asset strategy and has more than 20 years of financial services experience.
Before joining Block, he served as president and CEO of Treasury Department Federal Credit Union.
Builders Bank Will Focus On Bitcoin And Stablecoin Custody
Builders Bank would differ from a commercial bank because it would not accept customer deposits.
The proposed institution would also avoid issuing conventional loans.
Instead, it would provide custody and fiduciary services for approved digital assets.
Block specifically identified Bitcoin and stablecoins as assets that Builders Bank could hold in custody.
The proposed charter would place those activities under direct federal supervision through the OCC.
Block is seeking this structure as it expands the digital asset custody services it already offers.
The application also comes as more digital asset companies seek national trust charters.
OCC Comptroller Jonathan Gould said in August that lawful digital asset businesses should have access to the national banking system.
The OCC had received 40 de novo charter applications during the 18 months ending in August.
The regulator also had 13 pending licensing applications from digital asset companies during that period.
The OCC granted conditional approvals to Ripple, Circle, Paxos, BitGo and Fidelity Digital Assets in December 2025.
Circle later received final OCC approval in July to establish Circle National Trust.
More Crypto Firms Including Block Are Seeking U.S. Bank Charters
The growing number of crypto bank applications has prompted questions from lawmakers and traditional banking groups.
Zerohash submitted a second national trust bank application in August after the OCC returned its original filing.
Zerohash narrowed the trust activities in its revised application before resubmitting the proposal.
The OCC opened public comments on the revised filing through September 17.
World Liberty Financial also received preliminary conditional approval on August 14 for a proposed national trust company.
The institution would issue and redeem the USD1 stablecoin and manage its reserves.
World Liberty’s proposed bank would also provide digital asset custody services.
The proposal has faced political scrutiny because a Trump family-affiliated entity holds a stake in the company behind the proposed bank.
Senator Elizabeth Warren has questioned whether the OCC has sufficient authority to grant some national trust charters to digital asset companies.
The Bank Policy Institute has also questioned the regulator’s approach to crypto-focused banking charters.
