Block, Inc. is seeking a federal trust charter for Bitcoin and stablecoin custody, applying to establish Builders Bank & Trust, N.A., a move that could reshape how digital-asset custodians across the United States and, by extension, Southeast Asia think about regulated safekeeping of crypto assets.
For exchanges and custodians in Jakarta, Manila, Bangkok and Singapore, the news lands as another signal that large payments companies want their crypto operations sitting inside clear regulatory perimeters. The Jack Dorsey-led company announced on September 8, 2026 that it had submitted an application to the Office of the Comptroller of the Currency, according to a company-issued release. For related coverage, see Coinbase Seeks National Trust Charter Expansion.
Block Seeks a Federal Trust Charter
TLDR KEYPOINTS
- Block is seeking a federal trust charter through a proposed entity called Builders Bank & Trust, N.A.
- The stated purpose names Bitcoin and stablecoin custody and related fiduciary services.
- The application remains subject to OCC review; there is no approval or launch timeline.
The Block federal trust charter pursuit centers on an uninsured national trust bank that would operate under OCC supervision if approved. The proposed Builders Bank would not accept deposits or make loans, keeping it far narrower than a conventional commercial bank. For related coverage, see Coinbase Files for Federal Trust Charter Amid Compliance Focus.
Importantly, seeking a charter is not the same as holding one. Block has submitted an application; the OCC has neither approved nor rejected it, and Builders Bank would not begin operations until it receives the required regulatory approvals. For related coverage, see Trumps and Witkoffs Apply for Crypto Bank Charter.
What the Headline Establishes
The core established fact is a submission, not an outcome. Block says the charter would create a federal supervisory framework for certain custody and related activities it already offers, supporting those activities through a consistent national framework as it scales. For related coverage, see SEC Reviews Exotic ETFs Across Crypto, Leverage, Private Assets.
Lee Woolley, currently Block’s Digital Asset Strategy Lead, would serve as president and chief executive of Builders Bank. His involvement mirrors a broader industry pattern, seen when firms like Coinbase filed for a federal trust charter to formalize custody under national oversight.
“We look forward to working with the OCC as we pursue a charter designed to support the secure custody of assets for Block and its customers.”
— Lee Woolley, proposed president and CEO of Builders Bank, in the company release confirmed by PYMNTS reporting
Bitcoin and Stablecoin Custody Are the Stated Focus
Builders Bank would provide custody and related fiduciary services, including for Bitcoin and stablecoins. Those two asset types are the explicit focus named in the announcement, and both matter directly to Southeast Asian users who increasingly hold Bitcoin and dollar-pegged tokens through platforms like Indodax, Coins.ph and Tokocrypto.
Bitcoin Custody
The proposal covers custody of Bitcoin, which traded around $78,907 as a background market snapshot at the time of research. That figure is context only; the research provides no evidence of a market reaction to the charter news, and no operational detail on how Bitcoin would be custodied is available.
Stablecoin Custody
The release names stablecoins as a covered asset class, relevant across ASEAN where dollar-pegged tokens serve as remittance and savings tools. No specific stablecoins, custody partners or customer segments are identified, and the proposal does not describe deposit insurance, lending, trading or stablecoin issuance.
What Remains Unconfirmed About the Charter Pursuit
Several details remain open. The announcement date is confirmed, but the exact submission timestamp, the OCC application identifier, proposed capital and any approval timetable were not established.
Application Status and Proposed Terms
Verification needs remain clear: official OCC documentation, the precise applicant filing record and the current application stage. A fetched OCC pending-application listing did not show a Block or Builders Bank entry, but registry absence alone cannot resolve the status of a newly announced filing, and it must not be read as evidence of non-filing or rejection.
Custody permissions, charter conditions and any launch schedule are unresolved in the available context. This is a distinction between information missing from this account and information that may become publicly available through the OCC’s corporate applications search over time.
The move fits a widening queue of custody-focused charter bids, alongside efforts such as Paxos seeking a national trust charter and Coinbase pursuing a trust charter expansion. For regional regulators in Singapore and Indonesia weighing their own digital-asset custody rules, a federally supervised US custody model offers a reference point, not a guarantee. What Block secures, if anything, will help set the bar that ASEAN exchanges and their compliance teams measure themselves against.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
