Block has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, N.A. — a national trust bank that will provide custody and asset management services, including for Bitcoin and stablecoins. As Crypto News reports, the new financial institution will operate as an uninsured national trust bank, accepting no deposits and issuing no loans. If the OCC approves the application, Builders Bank will be able to provide custody and fiduciary services under a unified national regulatory framework as Block's business expands.
The new bank will be led by Lei Wulie, who currently heads digital assets at Block. Wulie previously served as president and CEO of the Treasury Department Federal Credit Union and held senior roles at Northern Trust and BNY Mellon. "Drawing on Block's expertise in digital assets, our track record with Square Financial Services, and the deep banking experience of the team we have assembled, we believe Builders Bank is well positioned to support Block's broader vision of expanding economic access," said Wulie. Builders Bank will operate under federal OCC oversight, establishing a consistent regulatory framework for the custody operations Block already provides to its customers.
Block's application comes amid a surge in OCC activity approving applications from digital asset and fintech companies. According to PYMNTS, the regulator received 40 new bank charter applications in the preceding 18 months, compared to just 48 applications filed between 2011 and 2024 — with some years seeing none at all. Block's competitors are also pursuing national licenses: in December 2025, Ripple, Circle, Paxos, BitGo, and Fidelity Digital Assets received conditional approvals, while in July 2026 Circle received final approval to establish Circle National Trust. Block's application is currently under OCC review, and the bank will only be permitted to begin operations upon receiving the regulator's final approval.