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BTC Block applies to establish "Builders Bank & Trust", focusing on Bitcoin and stablecoin custody business
On September 8, Block announced that it had submitted an application to the Office of the Comptroller of the Currency (OCC) to establish an uninsured national trust bank called Builders Bank & Trust. If approved, the agency will provide custody and related fiduciary services for assets including Bitcoin and stablecoins.
Focus on custody business, non-traditional commercial banking model
The official application announcement describes Builders Bank as a non-deposit-taking trust bank operating under OCC supervision. Block emphasized that submitting an application does not mean approval and that the bank cannot start operations until it obtains the necessary regulatory approvals.
Block said the proposed charter aims to bring certain custody and trusteeship activities it currently provides within a consistent federal regulatory framework. However, the company did not announce a specific launch date, did not clarify what assets it would support in addition to Bitcoin and stablecoins, and did not disclose the financial forecasts of the banks in the plan.
The proposed institution will not accept deposits or issue loans. This difference sets its applications apart from traditional commercial banking models: Builders Bank will be uninsured and its design focuses on trust and custody functions rather than taking deposits and creating credit.
Appoint new management
If the charter is approved, Lee Woolley, Block's head of digital asset strategy, will serve as president and CEO. Block said Woolley previously led the Treasury Department's Federal Credit Union and held senior banking positions at Northern Trust and BNY Mellon.
In the announcement, Woolley linked the application to Block's digital asset business and its experience with Square Financial Services. His comments described the company's expected direction; but they did not mean that the OCC had approved the plan, nor did it mean that Builders Bank had been authorized to provide services to customers.
OCC still needs to review application
The filing has drawn Block into broader policy discussions about federal licenses for digital asset companies. The OCC has publicly said it is open to applications from such companies, a shift that was covered in BlockchainReporter's report on digital asset company National's banking license.
Block's proposal remains uncertain at every operational stage. The OCC had to review the application, and the company stated that Builders Bank would not conduct business unless and approved. For now, the specific progress is only the submission of an application, not the creation or launch of a functional bank.
