Block Seeks Approval for Builders Bank & Trust to Custody Digital Assets
Block, the payment company founded by Jack Dorsey, has submitted an application to establish Builders Bank & Trust, N.A. If granted approval, this institution will operate as an uninsured national trust bank under the regulation of the Office of the Comptroller of the Currency (OCC) in the United States. The bank aims to provide custody and trust services specifically for Bitcoin and stablecoins, without engaging in traditional banking activities such as accepting deposits or issuing loans.
The application is currently pending, and the OCC's public list of digital asset license applications includes 11 pending applications submitted between February 23 and August 19, which does not yet feature Builders Bank. In December 2025, the OCC conditionally approved five national trust applications, including those from Circle and Ripple, with Circle receiving final approval in July 2026.
The Bank Policy Institute (BPI), which represents large banks, has expressed opposition to limited-purpose national trust license applications, arguing that such licenses should only be granted to entities genuinely intending to operate as trust companies. The BPI has cautioned against using these licenses as a means to offer bank-like products with less regulatory oversight. Block has indicated that Builders Bank will not commence operations until it secures the required regulatory approvals.
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Source: KLEA News