OpenReserve Wins OCC Approval for Full-Service National Bank
What happened: OpenReserve, a startup backed by a16z crypto, received preliminary conditional approval from the U.
What happened: OpenReserve, a startup backed by a16z crypto, received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to charter a full-service national bank in Salt Lake City. The company must raise at least $210 million in initial capital and maintain a 12% Tier 1 leverage ratio for its first three years. OpenReserve opted for a full national charter—allowing deposit-taking and lending—over the trust-bank route chosen by most crypto firms. The approval comes about five months after its application was filed in April 2026.
Why it matters: This is the first time a crypto-linked applicant has secured preliminary approval for a full national bank charter, potentially paving the way for insured deposits and conventional lending alongside stablecoin issuance. However, the approval is conditional; OpenReserve cannot take deposits until it meets further requirements. The decision signals a cautious but notable shift in U.S. banking regulators’ approach to crypto-native institutions, though the higher capital and supervision requirements may limit how many other firms follow suit.