Block has submitted an application to the Office of the Comptroller of the Currency to establish Builders Bank & Trust, N.A. The proposed institution will function as a national trust bank focused exclusively on the custody of bitcoin and stablecoins. The filing was submitted on September 8, 2026.
The company aims to replace its current portfolio of more than 50 state money-transmitter licenses with a single federal charter. This transition is intended to streamline regulatory compliance for its digital asset operations. In 2025, Block processed approximately $10.7 billion in bitcoin transaction volume.
Builders Bank & Trust will be an uninsured institution that does not accept deposits or issue loans. Its primary function will be to provide fiduciary and custody services. The bank plans to headquarter in Sioux Falls, South Dakota, and will not operate physical branches.
Lee Woolley has been appointed as the president and CEO of the new venture. Woolley previously held positions at Northern Trust and BNY Mellon. The bank will not commence operations until it receives all necessary regulatory approvals from the OCC.
Other companies, including Coinbase, Paxos, and Ripple, have also pursued similar national trust charters. Block intends to integrate the bank as a custody layer for its Cash App product, while developing private insurance or segregated asset structures to manage risk for clients.
