OpenReserve Wins OCC Approval for Full-Service National Bank Charter
What happened: OpenReserve, a crypto-focused startup backed by a16z, Coinbase Ventures, and others, received preliminary conditional approval from the U.
What happened: OpenReserve, a crypto-focused startup backed by a16z, Coinbase Ventures, and others, received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a full-service national bank in Salt Lake City. The application, filed in April, was approved in under five months—a notably fast timeline. OpenReserve must now raise at least $210 million in capital and meet a 12% Tier 1 leverage ratio for three years. The bank plans to offer insured deposits, conventional lending, and stablecoin issuance via a wholly-owned subsidiary under the GENIUS Act.
Why it matters: Unlike previous crypto banks that pursued limited trust charters, OpenReserve is seeking a full national charter, bringing it under stricter regulatory scrutiny but also granting broader banking powers. This move signals a shift in OCC policy under the current U.S. administration, potentially opening the door for more crypto-native banks to gain mainstream regulatory approval. If successful, OpenReserve could become a model for integrating stablecoin issuance and digital asset services within the traditional banking system.