Block, Jack Dorsey’s company, has filed an application with the U.S. banking regulator OCC to create Builders Bank and Trust, a federal depository bank dedicated to custodying Bitcoin and stablecoins. If granted, this charter would allow Block to store its digital assets under direct federal supervision rather than relying on third-party providers. Lee Woolley, a former executive at Northern Trust and BNY Mellon, would lead the bank. Since 2025, the OCC has received forty federal bank charter applications, including twenty-three related to digital assets, representing an eightfold increase over four years, with Revolut, Coinbase, Paxos, BitGo, Ripple and Circle among those already approved.
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