Jack Dorsey's Block applies for national trust bank charter to custody Bitcoin and stablecoins

Sep 8, 2026

Jack Dorsey's financial technology firm Block, Inc. has applied to the Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, N.A. If approved, the uninsured, non-deposit-taking national trust bank will offer federally supervised custody and fiduciary services for Bitcoin and stablecoins. Led by industry veteran Lee Woolley, the initiative joins a major surge of 40 de novo charter applications filed with the OCC, 23 of which involve digital assets.

Block national trust charter application

▪The proposed Builders Bank & Trust, N.A. would provide custody and fiduciary services for digital assets, but it would not accept deposits or make loans.
▪Block, Inc. filed an application with the Office of the Comptroller of the Currency on September 8, 2026, to establish an uninsured, non-deposit-taking national trust bank named Builders Bank & Trust, N.A.

Bitcoin custody services

▪A national trust bank charter would allow cryptocurrency companies to establish qualified-custodian status and provide institutional clients with recognized federal oversight for digital assets.
▪If approved by the Office of the Comptroller of the Currency, Builders Bank & Trust, N.A. would offer federally supervised custody and fiduciary services for Bitcoin.

Stablecoin custody services

▪Builders Bank & Trust, N.A. would offer custody and fiduciary services for stablecoins under its proposed national trust bank charter.
▪The Office of the Comptroller of the Currency proposed implementing rules in February 2026 under the GENIUS Act, covering stablecoin reserves, redemption, custody, risk management, and issuer applications.

Federal regulatory framework advantages

▪A national trust bank charter provides cryptocurrency companies with a federal regulatory framework that helps navigate varying state-level regulations.
▪Block, Inc. stated that a national trust bank charter would establish a consistent federal framework to support its custody business as it scales.

OCC charter application surge

▪The Office of the Comptroller of the Currency received 40 de novo bank charter applications over an 18-month period leading up to August 2026, compared to 48 applications total from 2011 through 2024.
▪The Office of the Comptroller of the Currency approved 21 de novo bank charter applications and denied two since 2025.
▪Of the 40 de novo bank charter applications received by the Office of the Comptroller of the Currency, 23 applications involved some form of digital-asset activity.

Lee Woolley leadership appointment

▪Lee Woolley has over two decades of banking and financial services experience, including prior senior leadership roles at Northern Trust and BNY Mellon.
▪Lee Woolley, Block's digital asset strategy lead and former president and CEO of Treasury Department Federal Credit Union, is designated to serve as president and CEO of Builders Bank & Trust, N.A.