The U.S. Office of the Comptroller of the Currency has granted preliminary conditional approval to OpenReserve Bank, a proposed national bank designed to integrate blockchain infrastructure with traditional banking services. The Salt Lake City-based institution is backed by investors including Andreessen Horowitz, Jump Capital and Coinbase Ventures. OpenReserve differs from other recent crypto-related banking applications by seeking a full-service national bank charter rather than a trust charter.
The bank's planned services include onchain settlement, stablecoin infrastructure, tokenized deposits, treasury management and lending for institutional clients. OpenReserve intends to operate 24/7, allowing capital to move continuously beyond traditional banking hours. The company is developing ReserveUSD, a stablecoin it says is designed around requirements of the U.S. Genius Act.
OpenReserve submitted its application to the OCC and Federal Deposit Insurance Corporation on April 13, 2026, and received preliminary conditional approval in September 2026. The company must satisfy conditions attached to the approval and complete the OCC's pre-opening requirements before it can begin operations. OpenReserve is also seeking FDIC approval for federal deposit insurance.
The preliminary approval follows a broader increase in charter applications from digital-asset companies during 2026. Other applicants listed in OCC digital-assets licensing records included Zerohash, Dakota National Trust Bank, Catena Trust Bank and Revolut Bank US. The OCC has previously approved or conditionally approved applications from BitGo, Fidelity Digital Assets and Coinbase National Trust Company.
OpenReserve's full-service banking model distinguishes it from most other crypto-focused applications, which have primarily sought custody and fiduciary services. The company says its infrastructure is intended to support tokenized deposits and onchain settlement within a regulated institution.
