Block applies for OCC national bank charter to launch Builders Bank & Trust
Event overview
Block, Inc., the payments company founded by Jack Dorsey, filed an application on Tuesday with the Office of the Comptroller of the Currency (OCC) to create an uninsured national trust bank called Builders Bank & Trust, N.A.
Key points
- Application submitted to OCC for a federal bank charter.
- Bank would be uninsured and focus on custody of bitcoin and stablecoins.
- Lee Woolley named president and CEO of the proposed bank.
- Part of a growing trend of fintech and crypto firms seeking OCC charters.
Company statement
Lee Woolley said the new bank would build on Block’s digital‑asset experience, its history with Square Financial Services, and the team’s banking expertise to support Block’s broader vision of economic empowerment.
Industry context
Other firms have recently pursued OCC charters, including Revolut, which received conditional approval, and crypto‑focused companies such as Coinbase, Paxos, BitGo, Ripple and Circle. Since 2025 the OCC has received 40 new charter applications, approved 21 and denied two.
Confirmed details
- Block’s filing date: September 8 2026.
- The proposed bank name: Builders Bank & Trust, N.A.
- The bank would offer custody and other fiduciary services for bitcoin and stablecoins if the charter is approved.
Why it matters
A federal charter would allow Block to provide regulated custody services for digital assets, giving the company a clearer legal framework and potentially increasing confidence among users and partners.
Next steps
The OCC will review the application and decide whether to grant the charter. No timeline was given in the filing.
