Block Applies for U.S. Trust Bank Charter to Custody Bitcoin and Stablecoins
Jack Dorsey's Block has asked U.S. regulators to establish Builders Bank & Trust, an uninsured national trust bank focused on digital-asset custody.
AfroEuropa Newsroom
AfroEuropa desk
Block, the payments company led by Jack Dorsey, has filed an application with the U.S. Office of the Comptroller of the Currency (OCC) to set up a national trust bank called Builders Bank & Trust, according to BitKE.
The proposed institution would be an uninsured national trust bank offering custody and related fiduciary services for digital assets, including bitcoin and stablecoins, under OCC supervision. Block said the entity would not take deposits or issue loans. The company described the charter as a way to give its custody operations a national framework as the business grows.
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