OpenReserve receives conditional OCC approval for proposed national bank

OpenReserve Bank, N.A. received preliminary conditional approval from the Office of the Comptroller of the Currency on September 2, 2026, for a proposed full-service national bank in Salt Lake City, Utah. The decision is an intermediate step: the bank cannot open until it meets the preopening conditions and receives final authorization.

If it completes the process and obtains the required approvals, OpenReserve plans to hold insured deposits, issue loans and facilitate stablecoin issuance. The firm’s application, filed on April 13, 2026, describes a bank that integrates blockchain infrastructure into traditional banking products for digital asset native clients, with tokenized deposits, treasury management and banking-as-a-service for institutional customers.

Built for the hours the Fed is closed

The proposed bank’s model includes tokenized deposits and payments services. Those plans should not be confused with an already operating round-the-clock bank. Fedwire Funds currently operates for 22 hours on a funds-transfer business day, from 9 p.m. Eastern on the preceding calendar day to 7 p.m.; weekends and holidays follow its published schedule.

The OCC decision identifies Diwakar Choubey as proposed chief executive and Richard Correia as proposed president and chief operating officer. It also lists the organizers and other officers to whom the regulator has raised no objection.

A vertically integrated bet

The proposal combines conventional banking products with digital-asset services. A planned wholly owned stablecoin subsidiary would handle issuance, custody, conversion and payments, but its application had not been filed when the OCC made the decision.

That subsidiary is also the first regulatory caveat. The OCC’s approval documents note that the bank plans to form a wholly-owned stablecoin subsidiary for issuance, custody, conversion and payment of dollar-denominated reserve-backed stablecoins, but that an application for the subsidiary has not yet been filed. The proposal is therefore not authorization to launch that subsidiary or a stablecoin product.

The price of a full charter

The conditions attached to the approval quantify how seriously the OCC is treating the experiment. OpenReserve must raise $210 million in initial paid-in capital and maintain a 12 percent Tier 1 leverage ratio for its first three years. It has until September 2027 to close the capital raise, and the approval expires if the bank is not opened within 18 months unless an extension is granted. Deposit insurance from the FDIC remains a separate requirement, as does Federal Reserve membership, under the requirements described in the OCC letter.

The OCC documents also confirm several permissions that will matter to the bank’s institutional clients. Custody of digital assets in a nonfiduciary capacity is treated as a permissible activity for a national bank under 12 USC 24 (Seventh). The bank may receive digital assets as fees from customer transactions, and it may hold digital assets on its balance sheet, as principal, in amounts reasonably needed to pay network gas fees.

Why the charter race matters

The distinction between conditional and final approval is central for prospective customers. Proposed services remain plans, and deposit insurance is a separate preopening requirement. Related reporting on The Bit Journal discusses access to banking for digital-asset businesses.

The conditions include capital, risk-management and technology requirements. The OCC can modify, suspend or rescind preliminary approval before final authorization. The decision does not establish that financing is complete, and the expiry deadlines are not a confirmed commercial launch date.

Frequently asked questions

What did the OCC approve for OpenReserve?

Preliminary conditional approval for a de novo full-service national bank charter in Salt Lake City, granted on September 2, 2026. It does not yet permit the bank to open; final and other required approvals remain necessary.

How is this different from a crypto trust charter?

The proposed bank is a full-service insured national bank, rather than a limited-purpose trust institution. Its intended deposit and lending activities remain subject to completion of the charter process.

What are the capital conditions?

OpenReserve must raise $210 million in initial paid-in capital and hold a 12 percent Tier 1 leverage ratio for its first three years.

When will OpenReserve open?

No final opening date is established by the decision. Approval expires if capital is not raised within 12 months or the bank does not open within 18 months of September 2, 2026, unless the OCC grants an extension.

Is the stablecoin subsidiary approved?

No subsidiary application had been filed as of the OCC decision. The bank must comply with applicable stablecoin law and obtain the necessary approvals.

Risk disclosure

Preliminary conditional approval is not a final charter, and OpenReserve must still satisfy capital, insurance and membership requirements before operating. Stablecoin and tokenized deposit products carry regulatory, operational and market risks, and projected timelines for de novo banks frequently change.

Disclaimer: This article is for informational purposes only and does not constitute investment, legal or tax advice. Digital assets are volatile and may be subject to regulatory restrictions in your jurisdiction. Always do your own research and consult a licensed professional before making financial decisions.

Sources: OCC decision; Fedwire operating hours.