Sep. 9 at 12:05 AM
Block Inc. has applied to the OCC to establish Builders Bank & Trust, N.A., a national trust bank focused on digital-asset custody and fiduciary services. If approved, the non-depository institution would operate under federal supervision, giving Block a unified regulatory framework for its growing Bitcoin and stablecoin businesses.
The move would allow Block to consolidate its digital-asset operations under a federal trust charter rather than relying on state money-transmitter licenses. Lee Woolley, Block’s digital-asset strategy chief and a former Northern Trust and BNY Mellon executive, is expected to serve as CEO and chairman.
The application builds on Block’s existing financial infrastructure through Square Financial Services and could strengthen its institutional crypto custody capabilities. The OCC must approve the charter before Builders Bank can begin operations. Block shares showed little reaction after the announcement.
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