Block Builders Bank is the name behind a new federal filing. On September 8, 2026, Block applied to the Office of the Comptroller of the Currency (OCC) to charter Builders Bank & Trust, N.A. The proposed national trust bank would hold bitcoin and stablecoins in custody under direct federal supervision. It would not take deposits or make loans. Instead, its entire job would be custody and fiduciary services for digital assets, and it cannot open until the OCC says yes.

Who Would Run Block Builders Bank

Lee Woolley, Block’s Digital Asset Strategy Lead, would serve as president and CEO if the charter is approved. Woolley previously led the Treasury Department Federal Credit Union and held senior banking roles at Northern Trust and BNY Mellon. That resume is built for exactly this kind of filing.

According to PYMNTS, the charter would create an uninsured trust bank and bring certain custody activities Block already offers under federal supervision. However, Block has not disclosed a timeline, and there is none to disclose. The OCC moves on its own schedule, and approval is never guaranteed.

Block Builders Bank Is Not the First Block Bank

This is not Block’s first bank. Square Financial Services, its Utah industrial bank, began operations in March 2021 after FDIC and state approval. It offers business loans and deposit products. By contrast, Block Builders Bank would be a second, separate and much narrower institution built for one job.

That job is holding digital assets directly, rather than relying on third-party banking infrastructure and state-by-state licences. Federal trust charter versus state licence versus outside custodian has become the live debate among crypto and fintech firms. Increasingly, firms decide that one federal regulator is worth the paperwork. The alternative is a patchwork of state regulators, with the gaps in stablecoin oversight that come with it.

Block Builders Bank Joins a Crowded Queue

The timing is the notable part, though not in the way it first looks. Block is not early. On December 12, 2025, the OCC conditionally approved five crypto-focused trust charters. Those covered new charters for Ripple and Circle. They also covered conversions for BitGo, Fidelity Digital Assets and Paxos. Stripe’s Bridge, Crypto.com and Coinbase have also joined the queue.

Moreover, the regulator itself has changed tone. Under Comptroller Jonathan Gould, the OCC has moved from a crypto-resistant stance to a friendly one. As a result, the bigger risk for Block Builders Bank is not a slow-walked application. It is arriving after rivals have already set the custody standard.

These firms all bet that OCC oversight becomes the institutional benchmark. Pension funds and asset managers want that before trusting anyone with bitcoin or stablecoins. For Block, the payoff from an approved charter is real but no longer a first-mover edge. Instead, it is table stakes against custodians that already hold conditional approvals, much as regtech has become a baseline cost of competing in regulated finance.

Block Builders Bank Has Applied, Not Won

The headline should read “Block applies,” not “Block gets,” because those are different sentences. Filing signals intent and a specific hire. It says nothing about outcome or timing. In fact, the path has three stages, not two. An application leads to conditional approval. Only final approval lets a trust bank open.

A friendlier OCC shortens the odds for Block Builders Bank but does not remove the conditions. Capital, governance and risk management still have to satisfy examiners before the doors open.

What to Watch for Block Builders Bank

Watch the OCC’s public comment period on the application. That is usually the first real signal of whether this charter will be contested or straightforward. After that, watch for conditional approval, and then for how long Block takes to meet the pre-opening requirements that come with it.

Fintechbits covers digital assets, bank charters and fintech regulation. Nothing here constitutes financial or investment advice. All analysis represents the editorial views of Fintechbits.