OpenReserve Wins OCC Preliminary Approval for National Crypto Bank Charter

The Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval for OpenReserve Bank, National Association to form a full-service national bank in Salt Lake City, Utah. This decision moves OpenReserve towards a federally chartered banking model that combines conventional and digital-asset services.

OpenReserve's proposed national bank services include deposits, lending, payments, and treasury services. The bank also plans to offer digital-asset services and non-fiduciary digital-asset custody. A stablecoin subsidiary is part of the proposed structure.

The OCC's preliminary decision is conditional, requiring OpenReserve to meet several requirements before opening. These include having at least $210 million in initial paid-in capital, obtaining FDIC deposit insurance, Federal Reserve stock, and final OCC authorization.