Block, Inc. (NYSE: XYZ) has submitted an application to the Office of the Comptroller of the Currency to establish Builders Bank & Trust, N.A., an uninsured national trust bank, according to a company statement.

If approved, Builders Bank would operate under OCC supervision as a federally regulated national trust bank, providing custody and related fiduciary services, including for bitcoin and stablecoins. The proposed bank would not accept deposits or make loans.

Lee Woolley, currently Block's Digital Asset Strategy Lead, would serve as President and CEO of Builders Bank. Woolley has more than two decades of banking and financial services experience, including as President and CEO of Treasury Department Federal Credit Union and senior roles at Northern Trust and BNY Mellon.

"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," Woolley said.

The application remains subject to OCC review and approval. Builders Bank would not begin operations until all required regulatory approvals are received.