OpenReserve Gets OCC Nod to Form National Bank with Conditions

OpenReserve has secured preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) to form a full-service national bank. The approval comes with conditions, requiring the proposed bank to secure at least $210 million in initial paid-in capital after organizational and preopening costs.

The OCC's decision marks a significant milestone for OpenReserve, which plans to offer banking and onchain services under one institution. Its infrastructure will use a programmable core ledger with native onchain settlement.

The proposed bank aims to provide deposits and lending alongside payments, treasury services, and foreign correspondent banking. It also intends to issue and custody reserve-backed U.S. dollar stablecoins through a wholly owned subsidiary.

a16z crypto has backed OpenReserve's approach, saying greater access to banking options and technological advances from new banks could benefit consumers and companies globally.