Block Applies for National Trust Charter for Builders Bank

Block said on Sept. 8 that it applied to the U.S. Office of the Comptroller of the Currency to establish Builders Bank & Trust, an uninsured national trust bank.

If approved, the proposed institution would provide custody and related fiduciary services for assets including bitcoin and stablecoins. The official application announcement describes Builders Bank as a non-deposit-taking trust bank that would operate under OCC supervision.

Block stressed that filing an application is not an approval and that the bank cannot begin operating until the required regulatory clearances are received.

Builders Bank would focus on custody Block said the proposed charter would place certain custody and fiduciary activities it already offers within a consistent federal supervisory framework.