OpenReserve receives preliminary approval from the U.S. Office of the Comptroller of the Currency

The Office of the Comptroller of the Currency issued preliminary conditional approval to OpenReserve to establish a full-service National Bank in Utah

On September 2, 2026, the Office of the Comptroller of the Currency (OCC) issued preliminary conditional approval to OpenReserve to form a full-service insured National Bank in Salt Lake City, Utah.

Under the OCC's decision, OpenReserve must raise at least US$210 million in funding and successfully obtain deposit insurance from the Federal Deposit Insurance Corporation (FDIC) before obtaining final authorization. The proposed bank plan provides a full range of financial services including deposits, loans, digital asset custody, tokenized deposits and treasury payment services.

Key compliance requirements and time limits

Despite preliminary approval, OpenReserve Bank cannot immediately begin banking operations. The company must meet OCC requirements on capital adequacy, corporate governance, security and compliance before it can obtain final authorization. In addition, if OpenReserve fails to have the required capital in place within twelve months of approval, or fails to start banking within eighteen months, the preliminary approval will automatically expire (unless the OCC determines that there are special circumstances beyond the organizer's control).

OpenReserve will officially apply for a National Bank license on April 13, 2026. Unlike National Trust Bank, which has only limited functions, its proposed institution will accept insured deposits and conduct traditional lending businesses while providing digital asset services. According to an eight-page decision document issued by the OCC, the bank's business scope covers deposit products, commercial and personal loans, treasury management, payment settlement, and foreign agent banking. Its deposit products may have tokenization functions.

stablecoin subsidiaries are required to declare separately

OpenReserve plans to issue, hold, exchange and process dollar-backed stablecoins through a wholly-owned subsidiary. However, the OCC noted that an application against the subsidiary had not yet been submitted. Any stablecoin-related business activities must comply with the requirements of the GENIUS Act and its implementing regulations. The OCC has exclusive discretion to determine whether OpenReserve's structure and activities comply with these regulations.

In addition, if OpenReserve plans to make significant changes to its business plan, it must notify the OCC at least 60 days in advance and no such changes must be advanced until the regulatory authority issues a written no-objection decision. OpenResisive has previously described its on-chain ledger and stablecoin infrastructure as being designed to support continuous settlement, but this is an expected capability rather than the specific services currently provided to customers.

Funding thresholds and security review

The OCC requires OpenReserve to raise at least $210 million in initial paid-in capital after deducting organizational and pre-opening expenses. For the first three years after opening, the bank must maintain a Tier 1 leverage ratio of no less than 12%. Companies must also apply for Federal Reserve stock and obtain deposit insurance from the FDIC. This charter application is submitted as a joint declaration for National Bank license and federal deposit insurance.

OpenReserve must notify the OCC at least 60 days before official opening, after which regulators will conduct pre-opening inspections of operational readiness, governance structure, compliance and technical systems. Companies also need to establish programs covering the Bank Secrecy Act, sanctions compliance, credit risk and information security, appoint independent auditors, and prepare financial statements in accordance with generally accepted accounting principles. Electronic platforms must be tested by independent reviewers to ensure they are protected against unauthorized access, malware and denial of service attacks. The OCC must also approve the final technical architecture and associated risk management plan.

Industry Background and Market Outlook

OpenReserve CEO Dee Choubey said: "OpenReserve Bank is our contribution to this tradition: building a lasting financial infrastructure here in the United States." Co-founders Dee Choubey and Rick Correia have previously discussed the concepts of designing financial institutions around round-the-clock settlements, stablecoins, tokenized deposits and on-chain operations.

OpenReserve announced that it has received seed round support from a number of well-known investment institutions such as Andreessen Horowitz, Jump Capital, Coinbase Ventures, and Wintermute Ventures, but did not disclose the specific financing amount, nor did it confirm how much of the amount can be included in the US$210 million capital requirement. In addition, banks are typically required to convert cryptocurrency fees received into fiat currency within one business day of the transaction, unless these assets are retained for other permitted purposes (such as paying expected blockchain Gas fees).

As more digital asset companies seek federal regulation, Crypto.news previously reported that the OCC listed 13 pending digital asset applications in August. With Jonathan Gould, the Comptroller of the Currency, encouraging legitimate crypto companies to pursue National Bank licenses, most recent applicants have opted for limited-function trust licenses. The insured deposit and loan services OpenReserve plans to provide distinguish it from companies such as Crypto.com, whose proposed trust bank would focus on custody and settlement rather than accepting deposits or making traditional loans.

The OCC may modify, suspend or revoke OpenReserve's approval before it opens for business. Final authorization depends on whether the company completes all pre-opening conditions within the deadline set by regulators.