The Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval to OpenReserve Bank to establish a full-service national bank in Salt Lake City, Utah. Backed by a $25 million seed round led by a16z crypto alongside Coinbase Ventures, Jump Capital, and Wintermute, the fintech startup aims to operate as an active financial institution functioning continuously 24 hours a day.
Unlike issuers such as Circle, Paxos, or Ripple—which relied on limited trust charters focused strictly on custody—OpenReserve deliberately pursued the traditional federal banking charter. This full license will enable it to accept insured deposits, extend commercial credit, and settle transfers using tokenized deposits on blockchain rails, bypassing the operational latency of legacy systems like ACH. Additionally, it plans to establish a subsidiary dedicated to issuing reserve-backed stablecoins.
To finalize its launch, OpenReserve must raise at least $210 million in net initial capital before September 2027 and maintain a Tier 1 leverage ratio of 12% throughout its first three years. The firm has an 18-month window to formally open its doors to institutional clients.
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