Jack Dorsey’s payments company Block has submitted an application to the OCC to create Builders Bank & Trust, an uninsured national trust bank. The proposed institution would offer custody and fiduciary services for Bitcoin and stablecoins under OCC supervision. Unlike a conventional bank, it would not accept deposits or issue loans. Lee Woolley, Block’s digital asset strategy lead, would serve as president and CEO. Other crypto companies such as Ripple, Circle, and BitGo have also obtained final or conditional approval for similar charters.
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