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FollowingOffice of the Comptroller of the Currency approves establishment of OpenReserve Bank
On September 2, the Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval to OpenReserve Bank, National Association, headquartered in Salt Lake City, Utah, to form a full-service National Bank. The decision marks a step towards OpenReserve's federally chartered banking model that covers traditional banking and digital asset services, but the bank is not yet officially open.
Proposed National Bank Services Contents
According to the OCC's decision, OpenReserve intends to provide services include deposit, loan, payment and treasury management services. In addition, the bank also plans to provide digital asset services and non-trust digital asset custody services.
The proposed organizational structure includes a stablecoin subsidiary. The OCC document states that these services are part of the bank's business plan, rather than confirming that they are open to customers.
Capital requirements still need to be met and federal approval obtained before opening
The OCC's initial decision has clear conditions attached. Before it can be fully operational, OpenReserve must have an initial paid-up capital of at least $210 million. Regulators said that before opening, OpenReserve must also obtain deposit insurance eligibility from the Federal Deposit Insurance Corporation (FDIC), a share of the Federal Reserve's stock and ultimately OCC authorization. As a result, there are still a number of federal-level approvals to be completed.
License applications are submitted from April to September
OpenReserve submitted its license application on April 13, 2026. OCC's application records show the application was approved on September 2, the same date as the regulator made a conditional approval decision.
Before the proposed bank in Salt Lake City can officially open, it still needs to obtain final authorization from the OCC, meet relevant FDIC and Federal Reserve requirements, and meet the capital threshold of US$210 million.
