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Block, Inc., the financial services company led by Jack Dorsey, has applied to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank called Builders Bank & Trust, N.A.
The proposed institution, referred to as Builders Bank, is designed to provide custody and related fiduciary services for digital assets, including Bitcoin and stablecoins. The application was announced on September 8.
Under the proposed structure, Builders Bank would operate as an uninsured bank. It would not accept deposits or make loans. Instead, its focus would be on the secure custody of assets for Block and its customers.
Lee Woolley, who is set to serve as the bank's President and CEO, stated that the entity is positioned to support Block's broader vision of economic empowerment.
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