Block, the company founded by Jack Dorsey, has submitted an application to the Office of the Comptroller of the Currency (OCC) under the U.S. Treasury to create a national trust bank called Builders Bank & Trust. If the OCC gives the green light, the new bank would be able to offer custody and other fiduciary services—including for Bitcoin and stablecoins. The bank doesn't plan to take on any insured deposits.

What Block Announced

Block has kicked off the process to secure a national trust bank charter for Builders Bank & Trust through the OCC. The application lays out plans to spin up a separate banking entity that operates within existing regulatory frameworks.

Planned Services

If regulators sign off, the bank will be able to provide custody and other fiduciary services. The roadmap includes potential offerings for Bitcoin and stablecoins.

No Insured Deposits Model

Block made it clear that Builders Bank & Trust doesn't intend to accept insured deposits. The focus is on asset custody and fiduciary operations—not traditional deposit products with insurance protection.