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Event File FINTECH Digital-Only Banking Office of the Comptroller of the Currency Block

Block Seeks OCC Charter for Bitcoin, Stablecoin Custody

2 reports · First detected 2026-09-09 · Last active 2026-09-09

Block, co-founded by Jack Dorsey, spans merchant payments through Square, consumer finance through Cash App and bitcoin products including Bitkey. A national trust bank charter would bring parts of its digital-asset custody business under a single federal supervisor, rather than a patchwork of state regimes. The proposed institution is narrower than a commercial bank: it would be uninsured, take no deposits and make no loans, while providing custody and other fiduciary services.

On Sept. 8, 2026, Block applied to the Office of the Comptroller of the Currency to establish Builders Bank & Trust, N.A. If approved, the bank would custody bitcoin and stablecoins and formalize federal oversight of some services Block already offers. Lee Woolley, Block’s digital asset strategy lead and a banking veteran with more than 20 years of experience, would serve as president and CEO. The OCC has received 40 de novo charter applications since 2025, approving 21 and denying two.

All Coverage

2 original reports
PYMNTS.COM 2026-09-09
Block Pursues National Trust Bank Charter to Custody Bitcoin and Stablecoins
THEBLOCK.CO 2026-09-09
Jack Dorsey’s Block joins rush for federal bank charters from OCC

The Backstory

The history behind this event
Morgan Stanley Seeks OCC Bank Charter for Crypto Custody Servicesfirst seen 2026-02-28 · 2 reports · similarity 0.78 · same topic: Office of the Comptroller of the Currency

A national trust bank charter from the U.S. Office of the Comptroller of the Currency (OCC) allows a company to conduct fiduciary activities under federal oversight, but not to accept deposits or obtain FDIC insurance. After launching Bitcoin, Ether and Solana ETPs, Morgan Stanley is further strengthening its in-house custody and trading infrastructure.

The OCC received the application on February 18, 2026. Morgan Stanley Digital Trust plans to offer digital-asset custody, buying and selling, swaps, transfers and fiduciary staking services, though the filing did not disclose its capitalization. The OCC granted preliminary conditional approval on June 18, but the company must meet pre-opening requirements before it can formally begin operations.

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