a16z-Backed OpenReserve Wins Preliminary Approval for Regulated Blockchain Bank

OpenReserve Bank, National Association has received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to form a regulated bank in Salt Lake City, Utah.

The OCC granted this approval on September 2, 2026, but OpenReserve must still satisfy pre-opening conditions and obtain additional approvals before beginning banking operations.

OpenReserve plans to combine conventional banking services with blockchain-based infrastructure, including tokenized deposits, payments, custody, lending, and on-chain settlement.

The company is also developing ReserveUSD (rUSD), a planned stablecoin designed for global capital markets and intended to comply with the U.S. GENIUS Act.