Blab Crypto
Block Files for OCC National Trust Bank Charter to Offer Bitcoin and Stablecoin Custody
On Tuesday, September 8 2026, Block, Inc. – the payments company founded by Jack Dorsey – filed an application with the Office of the Comptroller of the Currency (OCC) to launch Builders Bank & Trust, N.A. The proposed institution would be an uninsured, non‑deposit‑taking national trust bank that offers custody and fiduciary services for bitcoin and stablecoins under OCC supervision.
Under the filing, Builders Bank & Trust would not accept deposits or make loans, mirroring the structure of other crypto‑focused trust charters approved by the OCC. If the charter is granted, Lee Woolley, Block’s Digital Asset Strategy Lead, is expected to serve as president and chief executive officer. Block explained that the application seeks to consolidate its custody and fiduciary operations under a single federal supervisory framework, replacing a patchwork of state licenses.
Block has already built a custody division that serves institutional investors across the globe. By moving the business into a federally chartered trust bank, the company hopes to streamline compliance and provide a clearer regulatory signal to its clients. The OCC’s national trust charter is distinct from a traditional bank charter because it does not allow deposit‑taking or lending, focusing instead on fiduciary responsibilities. This design aligns with the risk profile of digital asset custody, where the primary concern is safeguarding client assets rather than providing credit.
The move comes amid a broader rush of fintech and crypto firms vying for OCC national trust charters. In the past year, the agency has approved or is reviewing applications from Revolut, Coinbase, Paxos, BitGo, Ripple, and Circle. While the OCC has adopted an accommodating stance, each application undergoes a thorough review and must satisfy pre‑opening conditions before the bank can begin operating. The OCC typically takes several months to complete its review of a trust bank application; if Block’s process follows the precedent set by Paxos and BitGo, a decision could emerge by late 2026 or early 2027.
Bitcoin’s price reaction to the filing was modest. The cryptocurrency eased from session highs near $78,900 to lows around $78,000 on September 8, a shallow move that suggests traders are not yet treating the filing as a decisive catalyst. The limited market impact reflects the nature of the news: a charter application signals intent, not regulatory approval, and traders have grown accustomed to a steady stream of OCC filings from crypto‑adjacent firms.
Approval is not guaranteed. Builders Bank & Trust would still need to meet the OCC’s pre‑opening conditions before it could commence operations. These conditions typically cover capital adequacy, risk‑management policies, internal controls, and governance structures. The OCC’s scrutiny will focus on the security architecture of the custody platform, the segregation of client assets, and the robustness of incident‑response protocols. The more consequential test will be the timeline and depth of the agency’s review, which has varied across other crypto trust charter applicants.
At present, the application remains under review. Block’s filing adds to the growing list of institutions seeking federal bank charters to provide custody and fiduciary services for digital assets. The outcome will be closely watched by market participants, regulators, and institutional investors who view a national trust bank charter as a potential pathway to greater regulatory clarity and institutional access to bitcoin and stablecoin custody.
Block’s next steps involve responding to any OCC requests for additional information and satisfying the agency’s conditions for opening. Until a decision is announced, the market is likely to treat the filing as a structural development rather than a near‑term price driver.
Under the filing, Builders Bank & Trust would not accept deposits or make loans, mirroring the structure of other crypto‑focused trust charters approved by the OCC. If the charter is granted, Lee Woolley, Block’s Digital Asset Strategy Lead, is expected to serve as president and chief executive officer. Block explained that the application seeks to consolidate its custody and fiduciary operations under a single federal supervisory framework, replacing a patchwork of state licenses.
Block has already built a custody division that serves institutional investors across the globe. By moving the business into a federally chartered trust bank, the company hopes to streamline compliance and provide a clearer regulatory signal to its clients. The OCC’s national trust charter is distinct from a traditional bank charter because it does not allow deposit‑taking or lending, focusing instead on fiduciary responsibilities. This design aligns with the risk profile of digital asset custody, where the primary concern is safeguarding client assets rather than providing credit.
The move comes amid a broader rush of fintech and crypto firms vying for OCC national trust charters. In the past year, the agency has approved or is reviewing applications from Revolut, Coinbase, Paxos, BitGo, Ripple, and Circle. While the OCC has adopted an accommodating stance, each application undergoes a thorough review and must satisfy pre‑opening conditions before the bank can begin operating. The OCC typically takes several months to complete its review of a trust bank application; if Block’s process follows the precedent set by Paxos and BitGo, a decision could emerge by late 2026 or early 2027.
Bitcoin’s price reaction to the filing was modest. The cryptocurrency eased from session highs near $78,900 to lows around $78,000 on September 8, a shallow move that suggests traders are not yet treating the filing as a decisive catalyst. The limited market impact reflects the nature of the news: a charter application signals intent, not regulatory approval, and traders have grown accustomed to a steady stream of OCC filings from crypto‑adjacent firms.
Approval is not guaranteed. Builders Bank & Trust would still need to meet the OCC’s pre‑opening conditions before it could commence operations. These conditions typically cover capital adequacy, risk‑management policies, internal controls, and governance structures. The OCC’s scrutiny will focus on the security architecture of the custody platform, the segregation of client assets, and the robustness of incident‑response protocols. The more consequential test will be the timeline and depth of the agency’s review, which has varied across other crypto trust charter applicants.
At present, the application remains under review. Block’s filing adds to the growing list of institutions seeking federal bank charters to provide custody and fiduciary services for digital assets. The outcome will be closely watched by market participants, regulators, and institutional investors who view a national trust bank charter as a potential pathway to greater regulatory clarity and institutional access to bitcoin and stablecoin custody.
Block’s next steps involve responding to any OCC requests for additional information and satisfying the agency’s conditions for opening. Until a decision is announced, the market is likely to treat the filing as a structural development rather than a near‑term price driver.
