OpenReserve Bank Receives OCC Approval for National Bank Charter
- The Office of the Comptroller of the Currency (OCC) granted OpenReserve Bank preliminary conditional approval on September 2 to charter a national bank in Salt Lake City, Utah.
- OpenReserve must raise at least $210 million in initial paid-in capital and maintain a Tier 1 leverage ratio of at least 12% for three years before it can open.
- Backed by Andreessen Horowitz and other investors, OpenReserve aims to operate as an “always-on” bank using blockchain technology for continuous settlement.
- Plans include a subsidiary to issue dollar-backed stablecoins, though this application has not yet been filed with the OCC.
- OpenReserve’s business model focuses on tokenized deposits, treasury management, and banking-as-a-service for institutional clients.
OpenReserve Bank has received preliminary approval from the OCC to establish a full-service national bank, distinguishing itself from peers by pursuing a full-service charter rather than a trust charter typically chosen by crypto banks.
To proceed, OpenReserve must meet specific financial requirements within set deadlines or risk losing its preliminary approval status (Source).
