Block, the fintech company founded by Jack Dorsey and Jim McKelvey, has applied to the OCC for approval to create Builders Bank & Trust, N.A., a national trust bank that would provide federally supervised custody and fiduciary services, including for Bitcoin and stablecoins. The bank would be led by Lee Woolley, Block’s digital asset strategy lead. It would be uninsured and non-deposit-taking. This national charter would provide Block with a consistent federal regulatory framework as its custody business scales.
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