OCC Approves Blockchain Bank OpenReserve's Initial Charter

The US Office of the Comptroller of the Currency has given OpenReserve Bank, a blockchain bank backed by prominent crypto investors, initial approval to operate. The OCC has granted a new charter to several banks in recent months, but OpenReserve chose a full national bank charter for its business.

In a statement, Dee Choubey, co-founder and CEO of OpenReserve, said: 'We chose the national bank path deliberately... Supervision, safety and soundness, compliance, and customer confidence are not constraints on what we are building; they are the foundation of it.'

OpenReserve is based in Salt Lake City, Utah, and plans to serve institutional customers through treasury management, stablecoin issuance, and tokenized deposits. The bank will comply with the regulations outlined in the GENIUS Act.