The company proposes Builders Bank & Trust without deposits or loans
Block has submitted an application to the Office of the Comptroller of the Currency to establish Builders Bank & Trust, N.A., a national trust bank. If approved, it would offer trust and custody services for Bitcoin and stablecoins.
Builders Bank would be an uninsured national trust bank and would not take deposits or make loans. Block said some of its existing digital asset activities would move under a single federal regulatory framework. Lee Woolley is named as the proposed president and chief executive.
According to the OCC, the agency has received 40 applications for new bank charters in about 18 months, including 23 concerning digital asset-related activities. Comptroller Jonathan Gould said these initiatives had increased eightfold compared with the previous four years.
The OCC has granted conditional approval to charter or conversion applications from BitGo, Paxos, Fidelity Digital Assets, Ripple and Circle’s proposed First National Digital Currency Bank. Coinbase received preliminary conditional approval on 2 April 2026; Circle received final approval on 10 July 2026 to establish Circle National Trust Bank.
