Jack Dorsey’s Block files OCC application for Bitcoin and stablecoin custody bank

Block has applied to establish an uninsured U.S. national trust bank that would place some of its Bitcoin, stablecoin and digital asset custody operations under direct federal supervision. Summary Block has applied to the OCC to establish Builders Bank & Trust as an uninsured national trust bank. Builders Bank would provide custody and fiduciary services for Bitcoin and stablecoins without accepting deposits or making loans. The proposed bank would operate under OCC supervision and create a federal framework for certain custody activities already offered by Block. Block joins several crypto and fintech firms pursuing US federal bank charters as the OCC reviews more digital asset applications. Block said on Tuesday that it submitted an application to the Office of the Comptroller of the Currency to form Builders Bank & Trust, N.A., a proposed national trust bank that would operate without taking deposits or making loans. If approved, Builders Bank would provide custody and related fiduciary services for assets including Bitcoin and stablecoins. The proposed bank would operate under OCC supervision and give Block a national regulatory framework for certain custody activities ...