Block Inc. Applies to Launch Builders Bank & Trust for Digital Asset Custody
Block's bank application
Jack Dorsey’s company Block Inc. has filed an application to start Builders Bank & Trust, a national trust bank that would not be insured. The bank would give Block a federal framework to hold Bitcoin, stablecoins and other digital assets.
Key points
- Block Inc. seeks to create Builders Bank & Trust.
- The bank would be uninsured and would not take deposits or make loans.
- It would provide custody and fiduciary services for Bitcoin and stablecoins.
- Approval must come from the Office of the Comptroller of the Currency (OCC).
What is confirmed
Block announced its application to the OCC, the U.S. regulator that oversees national banks. The company said the new bank would focus on custody and related services, not on deposit taking or lending.
What remains uncertain
The OCC has not yet decided whether to approve the application. If approved, the bank would operate under the OCC’s rules for national trust banks.
Why it matters
A federal‑backed trust bank could give Block a regulated way to hold digital assets, potentially increasing confidence among users and partners who want a clear legal framework for custody.
