OpenReserve, a blockchain-focused bank based in Salt Lake City, Utah, has received preliminary and conditional approval from the U.S. Office of the Comptroller of the Currency to establish a national bank, according to a Sept. 3 letter cited by CoinDesk. The company still needs final OCC approval before it can receive a full banking charter.
OpenReserve says it is built for institutional clients. Its business lines include treasury management, stablecoin issuance and tokenized deposits, and it says it operates under the U.S. stablecoin framework set by the GENIUS Act. OCC documents also referenced stablecoin risk management, tokenized deposits and onchain settlement as part of the proposed operation. The company has been described as a 24/7 blockchain bank.
Bloomberg said the startup is backed by several crypto venture investors, including Andreessen Horowitz, Jump Capital and Coinbase Ventures. It had previously closed a $25 million seed round led by a16z crypto. The report also noted that more firms have recently been pursuing bank or trust charters through the OCC path.
OpenReserve has received preliminary, conditional approval from the U.S. Office of the Comptroller of the Currency to establish a national bank, according to CoinDesk, which cited a Sept. 3 letter from the regulator. The company still needs final OCC approval before it can obtain a formal charter.
Institutional focus spans treasury services, stablecoins and tokenized deposits
OpenReserve, which is headquartered in Salt Lake City, Utah, said it was built to serve institutional clients. The company said its business covers treasury management, stablecoin issuance and tokenized deposits, and that it operates in line with the U.S. stablecoin rules under the GENIUS Act.
OCC documents also referenced stablecoin risk management, tokenized deposits and onchain settlement as part of the planned operation. Outside observers have described OpenReserve as a 24/7 blockchain bank.
Backed by a16z, Jump Capital and Coinbase Ventures
Bloomberg said OpenReserve has attracted backing from several crypto venture firms, including Andreessen Horowitz (a16z), Jump Capital and Coinbase Ventures. The company had also previously completed a $25 million seed round led by a16z crypto.
More companies have recently been seeking bank or trust charters through the OCC route. The ABMedia report added that ChainNews had earlier reported Sony Bank receiving OCC clearance to set up a U.S. trust bank and prepare a U.S. dollar stablecoin issuance.
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