Jack Dorsey’s Block Has Filed an Application to Establish a National Trust Bank

• Block wants to launch Builders Bank & Trust under OCC supervision.
• The structure will focus on custody of bitcoin, stablecoins, and other digital assets.
• The bank will not accept deposits or issue loans.

On September 8, 2026, Block announced that it had filed an application with the U.S. Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, N.A. — an uninsured national trust bank. The entity will not begin operations until it receives the required regulatory approvals.

If approved, Builders Bank will operate under federal OCC supervision and provide custody and other fiduciary services, including those related to bitcoin and stablecoins. The bank does not plan to accept deposits or issue loans.

Block noted that a federal charter would allow the company to bring a number of its existing custody operations under a single national regulatory framework and scale this line of business.

Builders Bank is expected to be led by Lee Woolley, who currently serves as head of digital asset strategy at Block. He has more than 20 years of experience in the banking sector and previously worked at Treasury Department Federal Credit Union, Northern Trust, and BNY Mellon.

According to Woolley, Block’s digital asset experience, Square Financial Services’ operations, and the team’s banking expertise provide a foundation for developing Builders Bank. The company expects to work with the OCC to obtain a charter for the secure custody of assets belonging to Block and its clients.

The application comes amid a growing number of fintech and crypto companies seeking federal banking charters in the U.S. As The Block noted, since 2025 the OCC has received 40 applications to establish new banks, of which 21 have already been approved, and two have been rejected.

Which Crypto Companies Have Already Received OCC Approval

In December 2025, the OCC conditionally approved applications from five crypto industry players — Circle, Ripple Labs, BitGo, Paxos, and Fidelity Digital Assets. The first two companies received permission to establish new national trust banks, while BitGo, Fidelity Digital Assets, and Paxos received approval to transition from state-level trust companies to federal entities.

Circle later moved on to the next stage of licensing. In July 2026, the company received final OCC approval to establish First National Digital Currency Bank, which will operate under the name Circle National Trust. The USDC issuer filed the application in 2025 and received conditional approval in December of the same year.

In February 2026, Bridge, a stablecoin platform owned by Stripe, received conditional approval to establish a national trust bank. Once licensing is completed, the entity will be able to provide custody services and work with stablecoins under direct federal oversight.

In April, Coinbase received a similar OCC decision. The regulator conditionally approved the creation of Coinbase National Trust Company. The exchange emphasized that it does not intend to become a traditional commercial bank, and plans to use the license to develop custody and market infrastructure under a single federal supervisory framework.

In August, World Liberty Financial also received preliminary conditional approval. The company plans to establish World Liberty Trust Company, which will issue and service the USD1 stablecoin, as well as provide custody and settlement services.

At the same time, OCC conditional approval still does not automatically grant companies the right to begin banking operations. They must meet the regulator’s requirements and obtain final authorization before launching the relevant entities.

Сообщение Jack Dorsey’s Block Has Filed an Application to Establish a National Trust Bank появились сначала на INCRYPTED.