Block has applied to the U.S. Office of the Comptroller of the Currency to establish Builders Bank & Trust, N.A.
If approved, the proposed entity would be an uninsured national trust bank focused on custody and fiduciary services, including services involving bitcoin and stablecoins.
What the proposed bank would do
Block says Builders Bank would operate under federal OCC supervision, provide custody and related fiduciary services, support bitcoin and stablecoin activity, and create a national supervisory framework for certain activities Block already offers.
What it would not do
The proposed bank would not accept deposits, make loans or operate as an FDIC-insured retail deposit bank.
That distinction is important for users evaluating what “Block starts a bank” actually means.
Application is not approval
Block has filed an application. The OCC still needs to review and approve the charter before Builders Bank can commence operations.
CEXVia therefore does not describe Builders Bank as licensed, chartered, operating or approved.
The correct status is:
Application filed / approval pending.
Why this matters to crypto custody
Crypto custody is moving toward regulated banking structures.
A national trust charter can give a company a single federal supervisory framework for custody and fiduciary activity, rather than relying only on a patchwork of state-level structures.
For bitcoin and stablecoins, that can affect custody standards, segregation, governance, compliance, auditability and institutional counterparties.
Stablecoin significance
Builders Bank would not necessarily be a stablecoin issuer.
The disclosed role is custody and fiduciary services that can include stablecoins. That distinction should be preserved.
Relationship to Block
Block already operates major financial and bitcoin products through businesses including Cash App.
The proposed bank structure could move some digital-asset custody activity into a federally supervised entity if approved.
The final scope depends on OCC conditions.
Evidence Status
Confirmed
- Block filed an OCC application.
- Proposed name: Builders Bank & Trust, N.A.
- Uninsured national trust bank structure.
- No deposits.
- No lending.
- Bitcoin/stablecoin custody and fiduciary services contemplated.
- Lee Woolley proposed as president/CEO.
Developing
- OCC approval.
- Charter conditions.
- Final launch date.
- Exact custody activities transferred into the bank.
- Stablecoin operating model.
Risk Assessment
Medium / positive regulatory-structure development with approval risk.
What to Watch Next
OCC action, charter conditions, capital/governance requirements, launch timing, custody migration and stablecoin-specific disclosures.
FAQ
Has Block received OCC approval?
No.
Will Builders Bank take deposits?
No.
Will it make loans?
No.
Will it custody bitcoin?
That is part of the proposed scope.
Will it issue a stablecoin?
That is not confirmed by this application.
Why is this in a risk report?
Because regulatory structure and custody perimeter are core digital-asset counterparty risks.