a16z-Led OpenReserve Secures OCC Approval for Blockchain-Native Bank Charter

OpenReserve, a blockchain-native banking startup founded by former MoneyLion executives, has received preliminary approval from the Office of the Comptroller of the Currency (OCC) for a national bank charter. The company plans to operate 24/7 on blockchain rails and offer digital-asset services alongside traditional banking.

The OCC approval allows OpenReserve to issue its own stablecoin, which CEO Dee Choubey said is intended to facilitate transactions and settlement even when the Federal Reserve window is closed. The firm also plans to tokenize deposits for instant money movement and settlement on-chain, as well as accept other stablecoins as collateral.

OpenReserve raised a $25 million seed round in April led by Andreessen Horowitz's (a16z) crypto fund, with participation from Jump Capital, Acrew, Coinbase Ventures, Clocktower, Quona, and AAF Management. The startup declined to disclose its valuation.