Block Applies to Launch US National Trust Bank for Bitcoin, Stablecoin Custody
Summary
- Block said it has applied to the Office of the Comptroller of the Currency (OCC) for approval to establish a national trust bank as it moves into custody services for Bitcoin and stablecoins.
- If approved, Builders Bank would provide digital asset custody and trust services under a federal regulatory framework, but would not accept deposits or make loans.
- The application comes as more crypto firms in the U.S. seek federal trust bank charters, and Block said its digital asset experience and financial expertise would support its push to expand economic access.
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Block, the financial technology company led by Jack Dorsey, is seeking to establish a U.S. national trust bank to provide custody for digital assets including Bitcoin and stablecoins.
Bloomberg reported on September 8 that Block has applied to the Office of the Comptroller of the Currency for a charter to launch Builders Bank & Trust.
If approved, Builders Bank would provide custody and related trust services for digital assets including Bitcoin and stablecoins under a federal regulatory framework. It would operate as a non-depository bank and would not accept deposits or make loans.
The application comes as more crypto companies in the U.S. pursue federal trust bank charters. The OCC has previously approved applications from several crypto-related firms, including Ripple and World Liberty Financial.
Lee Woolley, who has been named chief executive officer and president of Builders Bank, said Block's experience in digital assets, its track record operating Square Financial Services and its financial talent would help advance the company's goal of expanding economic access.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.