Crypto
OCC Gives OpenReserve Conditional Approval for National Crypto Bank Charter
The Office of the Comptroller of the Currency (OCC) has given OpenReserve Bank, National Association preliminary conditional approval to form a full-service national bank in Salt Lake City, Utah.
The proposed bank's services include deposits, lending, payments, and treasury services, as well as digital-asset services and non-fiduciary digital-asset custody. A stablecoin subsidiary is also part of the plan.
However, OpenReserve must meet several conditions before it can open, including having at least $210 million in initial paid-in capital and obtaining FDIC deposit insurance, Federal Reserve stock, and final OCC authorization.