Jack Dorsey’s Block seeks US trust bank charter for Bitcoin, stablecoin
The proposed Builders Bank would offer federally supervised digital asset custody but would not accept deposits or issue loans.
The proposed Builders Bank would offer federally supervised digital asset custody but would not accept deposits or issue loans.
Jack Dorsey’s payments company Block seeks to establish a federally regulated trust bank to provide custody services for Bitcoin and stablecoins.
Block said Tuesday it had submitted an application to the Office of the Comptroller of the Currency (OCC) to create Builders Bank & Trust, an uninsured national trust bank. If approved, the bank would operate under OCC supervision and offer custody and related fiduciary services.
Block said the charter would give its custody operations a consistent national framework as the business expands. The proposed bank would not accept deposits or make loans, separating it from a conventional commercial bank.