Block Applies to Establish Builders Bank, a National Trust Bank
(BUSINESS WIRE)-- Block, Inc. (NYSE: XYZ) today announced that it has submitted an application to the Office of the Comptroller of the Currency (“OCC”) to establish Builders Bank & Trust, N.A. (“Builders Bank”), an uninsured national trust bank.
If approved, Builders Bank would operate as a federally regulated national trust bank under OCC supervision and would provide custody and related fiduciary services, including for bitcoin and stablecoins. The charter would allow Block to support these activities through a consistent national framework as the business scales. Builders Bank would be an uninsured, non-deposit-taking national trust bank and would not accept deposits or make loans. The proposed charter would establish a federal supervisory framework for certain custody and related activities currently offered by Block.
“Building on Block’s experience in the digital asset space, our history with Square Financial Services, and the deep banking expertise of the team we’ve assembled, we believe Builders…
