Jack Dorsey's Block applies for US trust bank charter to hold Bitcoin and stablecoins

Block files for US trust bank charter

Payments company Block, founded by Jack Dorsey, has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC). The request is to create Builders Bank & Trust, an uninsured national trust bank that would hold Bitcoin and stablecoins for customers.

Key points

• Block wants a federally supervised trust bank for digital‑asset custody.
• The bank would not accept deposits or make loans, unlike a regular commercial bank.
• Lee Woolley, Block’s digital‑asset strategy lead, will be president and CEO of the new bank.
• Other crypto firms such as Ripple, Circle, BitGo, Payward (Kraken) and Zerohash have pursued or received similar charters.

Block's OCC filing

In the filing, Block states that the charter would give its custody operations a consistent national framework as the business expands. The bank would be under OCC supervision and would provide fiduciary services for Bitcoin and stablecoins.

Other firms with similar charters

Ripple has received conditional approval for a national trust bank charter. Circle and BitGo have obtained final approval. Payward, the parent of Kraken, and Zerohash have also submitted applications to the OCC.

Confirmed details

• Block applied to the OCC on September 9, 2026.
• The proposed institution is called Builders Bank & Trust.
• It will be an uninsured national trust bank.
• It will offer custody services for Bitcoin and stablecoins but will not take deposits or issue loans.
• Lee Woolley will serve as president and CEO.

Open questions

The OCC has not yet decided whether to approve the charter, and no timeline for a decision has been disclosed.

Why the charter matters

A federal trust bank could give crypto‑asset custodians a clear regulatory framework, potentially increasing confidence among institutional users who need secure storage for Bitcoin and stablecoins.

Next steps

Block will wait for the OCC to review the application. If approved, Builders Bank & Trust would begin operating under OCC supervision.

Sources

• Cointelegraph