Block has applied for a U.S. national trust bank charter that would bring part of its Bitcoin and stablecoin custody business under direct federal oversight, marking another move by a crypto-focused financial company toward a regulated banking structure.
According to an official press release, the company said Tuesday that it had submitted an application to the Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, N.A., an uninsured national trust bank.
The proposed bank would provide custody and related fiduciary services for digital assets, including Bitcoin and stablecoins. It would not take deposits or issue loans, meaning it would operate differently from a conventional commercial bank.
The application still needs OCC approval, and Builders Bank cannot begin operations unless the required regulatory clearances are completed.
A custody-focused bank
Block said the proposed charter would provide a federal framework for certain custody and related services it already offers.
Rather than expanding into traditional lending or deposit-taking, Builders Bank would focus on holding assets and providing fiduciary services. Its status as an uninsured trust bank would also distinguish it from institutions whose banking activities are covered by federal deposit insurance.
The company said the structure is intended to provide a consistent national framework as its custody operations expand.
Lee Woolley, who would serve as president and CEO of Builders Bank, said, “We look forward to working with the OCC as we pursue a charter designed to support the secure custody of assets for Block and its customers.”
Woolley currently serves as Block’s Digital Asset Strategy Lead and has more than two decades of experience in banking and financial services, including previous leadership roles at Treasury Department Federal Credit Union, Northern Trust and BNY Mellon.
Block already has a banking footprint
The proposed trust bank would not be Block’s first regulated banking operation. The company already operates through Square Financial Services, an industrial bank that began operations in 2021. Builders Bank, however, would be a separate entity designed specifically around trust and custody activities.
That distinction places Block among a growing group of digital asset companies seeking federal trust charters rather than traditional deposit-taking bank licenses.
The OCC has received a series of such applications as crypto companies seek to move activities including asset custody and stablecoin-related services into federally supervised structures.
Crypto firms turn to national trust charters
The latest application comes as the OCC has become increasingly involved in supervising digital asset businesses seeking access to the national banking system.
The regulator received dozens of new bank charter applications over an 18-month period, including applications from digital asset companies, according to figures cited by the OCC in August.
Several crypto companies have pursued national trust structures. Ripple, Circle, Paxos, BitGo and Fidelity Digital Assets received conditional approvals in December 2025, followed by additional applicants in 2026.
Circle later received final OCC approval in July for Circle National Trust, allowing it to provide digital asset custody services to the company, its affiliates and a limited group of institutional customers. Kraken parent Payward has also applied for a national trust charter for a proposed institution focused on federally regulated digital asset custody without accepting deposits or making conventional loans.
The broader push for U.S. banking licenses also includes fintech firms. On September 3, 2026, Revolut received conditional OCC approval to establish a national bank. It still requires approvals from the FDIC and Federal Reserve, along with final OCC approval. The company expects the proposed bank to launch in 2027 if it completes the remaining regulatory requirements.
Other applicants have faced a more complicated path. Zerohash submitted a revised national trust bank application in August after the OCC returned its initial filing, with the new application proposing a narrower range of trust activities.
Regulatory scrutiny remains
The OCC’s growing role in granting banking charters to crypto firms has drawn criticism from lawmakers and traditional banking groups.
In a May 2026 letter to Comptroller Jonathan Gould, Sen. Elizabeth Warren accused the regulator of approving at least nine national trust charters for crypto companies that may go beyond the activities allowed under the National Bank Act. She also questioned whether some applicants were eligible for the charters.
World Liberty Financial has faced separate scrutiny because of its ties to the Trump family. Its proposed World Liberty Trust Company received conditional approval on August 14 after a roughly 220-day review, the longest among recent fintech and digital asset charter applications. The review was also about 100 days longer than the OCC’s stated 120-day target.
Conditional approval does not allow a proposed bank to begin operations immediately. Applicants must still meet regulatory requirements covering areas such as capital, governance and compliance. Block’s Builders Bank application will go through the OCC review process. The regulator can request additional information, impose conditions, approve or reject the application, and the proposed bank cannot begin operations until the required approvals are completed.
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