OCC Grants Conditional Approval to OpenReserve's Full-Service National Bank
The Office of the Comptroller of the Currency (OCC) has granted OpenReserve preliminary conditional approval to organize a full-service insured national bank in Salt Lake City, Utah.
The proposed bank plans to offer deposit products, commercial and retail lending, treasury management, payments, foreign correspondent banking, and digital asset custody through a subsidiary. It may also provide tokenized deposits and receive transaction fees in cryptocurrency.
To receive final authorization, OpenReserve must raise at least $210 million in initial paid-in capital within 12 months of conditional approval and begin banking operations within 18 months. The company will need to comply with the GENIUS Act and its implementing regulations regarding stablecoin activities and obtain deposit insurance from the Federal Deposit Insurance Corporation.