OCC Grants OpenReserve Preliminary National Bank Charter
The digital asset firm seeks to issue reserve-backed stablecoins from a proposed Salt Lake City headquarters.
Updated on Oct. 23, 2026 in Banking
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On September 2, 2026, the Office of the Comptroller of the Currency issued preliminary conditional approval for a national bank charter to OpenReserve. The fintech company plans to operate without physical branches to focus on U.S. dollar-denominated reserve-backed stablecoins.
Why it matters
This regulatory step allows the firm to proceed toward final authorization provided it meets strict capitalization and operational requirements. The approval marks a significant development for digital asset banking integration within the traditional financial system.
OpenReserve must raise $210 million in initial paid-in capital and maintain a minimum 12 percent Tier 1 leverage ratio for three years. The firm recently announced a $25 million seed round led by a16z crypto.
The players
Office of the Comptroller of the Currency
This federal agency charters, regulates, and supervises all national banks and federal savings associations.
OpenReserve
This financial technology firm aims to integrate reserve-backed stablecoin services into the national banking framework.
a16z crypto
This venture capital firm invests in companies and protocols operating within the web3 and blockchain sectors.
The details
OpenReserve plans to issue, custody, and convert stablecoins through a specialized subsidiary. The bank must satisfy various preopening requirements before it can receive final authorization to commence operations.
Timeline
April 13, 2026: OpenReserve filed its national bank charter application.
August 5, 2026: Regulators tallied 22 de novo bank applications and 14 approvals.
September 2, 2026: The OCC issued preliminary conditional approval.
September 3, 2026: OpenReserve announced its $25 million seed funding round.
Market Dynamics
The approval follows the standard regulatory protocols established under the National Bank Act for new financial institutions. This development signals an ongoing evolution in how federal regulators handle digital asset integration within the broader banking sector.
Retail investors should note that OpenReserve currently faces strict capital raising deadlines that could impact the bank's ability to launch. Customers should monitor future developments to see if the firm receives final authorization to begin stablecoin services.
The takeaway
Preliminary regulatory approval represents a major hurdle cleared but does not guarantee the firm will open as a bank. Investors and users should track the firm's progress in securing the required $210 million to meet its capitalization mandate.
Further reading
Learn more about the current regulatory environment for Banking.
Source note: This article includes information reported by TokenPost.
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