Block is applying for a national charter to establish Builders Bank & Trust, N.A. This entity will function as a national trust bank providing federally supervised fiduciary and custody services, specifically focusing on Bitcoin and stablecoins.
The bank will be managed by Lee Woolley, who currently serves as Block's digital asset strategy lead and possesses over 20 years of experience in banking and financial services. The operation of the bank is contingent upon approval from the OCC.
According to the company, Builders Bank will be an uninsured and non-deposit-taking institution. The national charter is intended to provide a consistent federal regulatory framework to support existing activities and facilitate the scaling of Block's custody business.
