Block Applies for Federal Bank Charter to Custody Bitcoin and Stablecoins
Block, the fintech company led by Jack Dorsey, announced on September 8, 2026, its application to the U.S. Office of the Comptroller of the Currency (OCC) for an uninsured national trust bank charter to establish Builders Bank & Trust, N.A., focused on digital asset custody.
The short version
- Block announced on September 8, 2026, its application to the U.S. Office of the Comptroller of the Currency (OCC) for an uninsured national trust bank charter to establish Builders Bank & Trust, N.A.
- The proposed bank would provide custody and related fiduciary services for digital assets, including Bitcoin and stablecoins, and would not accept deposits or make loans.
- Lee Woolley, Block's Digital Asset Strategy Lead, is expected to serve as president and CEO of Builders Bank & Trust if the charter is granted.
- This new application is distinct from Block's existing industrial bank, Square Financial Services, which launched in March 2021 to provide small-business loans.
- Block's move reflects a growing trend of fintech and crypto companies seeking federal bank charters for direct oversight of digital asset activities.
Block, the fintech firm formerly known as Square, is moving to consolidate its digital asset operations under federal oversight. The company, led by Jack Dorsey, announced on September 8, 2026, its application to the U.S. Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, N.A., an uninsured national trust bank focused on digital asset custody.
This application aims to provide a federal framework for Block's existing custody and related fiduciary services for digital assets, including Bitcoin and stablecoins. The proposed bank would operate under OCC supervision, but would not accept traditional deposits or make loans, differentiating it from a conventional commercial bank.
What is Builders Bank & Trust, N.A. for?
Builders Bank & Trust, N.A. is intended to provide custody and related fiduciary services for digital assets such as Bitcoin and stablecoins. Block's Digital Asset Strategy Lead, Lee Woolley, is slated to become the proposed bank's president and CEO if the charter is approved. Woolley has prior senior leadership experience at the Treasury Department Federal Credit Union, Northern Trust, and BNY Mellon.
According to Woolley's official statement, the bank is
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