OpenReserve Granted Preliminary Approval for a Full-Service National Bank in Utah

ChainCatcher report: OpenReserve, a native blockchain fintech startup, has received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a full-service national bank in Salt Lake City, Utah. The approval process took less than five months, with OpenReserve submitting its application on April 13. OpenReserve must raise at least $210 million in initial paid-in capital within 12 months and maintain a minimum Tier 1 leverage ratio of 12% for three years after opening; it must also commence operations within 18 months, or the approval will expire. These deadlines fall respectively by September 2027 and March 2028. OpenReserve plans to offer tokenized deposits, asset management, foreign correspondent banking, and banking-as-a-service for institutional clients. Upon final approval, the full-service national bank charter will permit deposit-taking and lending activities. OpenReserve previously completed a $25 million seed round led by a16z crypto, with participation from Coinbase Ventures, Jump Capital, and Wintermute Ventures. The company intends to establish a wholly owned subsidiary to issue and redeem USD-denominated, reserve-backed stablecoins, though this subsidiary has not yet submitted an application to the OCC.