Jack Dorsey’s payments company, Block, has applied to the U.S. Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, an uninsured national trust bank.
The proposed bank would provide custody and related fiduciary services for digital assets, including bitcoin and stablecoins, under OCC supervision, Block said.
Builders Bank would not accept deposits or issue loans.
Block said the proposed charter would provide a national framework for its custody operations as the business expands.
REALITY CHECK | Jack Dorsey’s Block Sees Over 30% Drop in Bitcoin Profit in Q2 2026 – The Only Segment to Report a Decline
Lee Woolley, Digital Asset Strategy Lead at Block would serve as President and CEO of Builders Bank.
The application remains subject to approval by the OCC.
Block joins other cryptocurrency and financial technology companies seeking national trust bank charters.
- Ripple has received conditional approval for a similar charter, while
- Circle, and
- BitGo
have received final approval.
- Kraken parent, Payward, and
- crypto infrastructure provider, Zero Hash,
have also submitted applications.
REGULATION | The Office of the Comptroller of the Currency (OCC) Clears National Banks to Act as Intermediaries in Crypto Transactions
In early 2026, Jack Dorsey, the Founder and former CEO of Twitter (now X), and one of Silicon Valley’s most outspoken Bitcoin maximalists, said his company Block would start supporting stablecoins.
Speaking in an interview with WIRED, Dorsey acknowledged that the shift reflects user demand rather than a change in philosophy. For years, he has argued that Bitcoin should serve as the internet’s native monetary protocol.
See also
STABLECOINS | Bitcoin Purist Jack Dorsey’s Firm, Block, Capitulates and Reluctantly Embraces Stablecoins
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