OCC grants OpenReserve conditional crypto bank charter

TLDR

The OCC has given OpenReserve a preliminary national bank charter, opening a path for a fully regulated US crypto-focused bank with tokenized deposits and stablecoin services.

1. OpenReserve received preliminary conditional approval to form a full service national bank in Utah, but it must still raise capital, secure FDIC insurance, and pass further exams before launching.
2. The charter would let OpenReserve combine insured deposits, lending, and payments with tokenized deposits, onchain settlement, and a regulated dollar stablecoin subsidiary under upcoming US stablecoin rules.
3. Next milestones include meeting strict capital and compliance conditions, getting FDIC and Federal Reserve sign off, and navigating political scrutiny that could still delay or reshape the model.

Deep Dive

1. What The OCC Approved

The US Office of the Comptroller of the Currency granted OpenReserve preliminary conditional approval to organize a full service insured national bank in Salt Lake City, Utah, with a federal charter rather than a narrow trust license. OpenReserve must raise at least 210 million dollars in paid in capital and maintain a Tier 1 leverage ratio of at least 12 percent for its first three years, according to the OCC decision summarized by The Block and others. Before it can open, the bank also has to obtain FDIC deposit insurance, apply for Federal Reserve Bank stock, complete detailed compliance build outs, and pass a pre opening OCC exam or the approval can be modified or withdrawn.

2. A Crypto-Native Bank Model

OpenReserve, backed by Andreessen Horowitz and founded in 2025 by MoneyLion founder Dee Choubey and Richard Correia, pitches itself as a blockchain based 24/7 bank with a programmable core ledger and native onchain settlement. Its proposed services include insured deposits, commercial and retail lending, treasury management, payments, foreign correspondent banking, tokenized deposit products, and digital asset custody, with some transaction fees allowed to be taken in crypto and converted to fiat within one business day. The OCC letter also acknowledges plans for a wholly owned subsidiary to issue, custody, convert, and pay out US dollar reserve backed stablecoins, which would need to fully comply with the US GENIUS Act stablecoin law and obtain separate approval.

3. Broader Impact And What To Watch

This approval fits a broader OCC trend of granting conditional charters to crypto focused institutions such as Coinbase, Paxos, BitGo, Ripple, Circle, Revolut, and now OpenReserve, while insisting on bank grade capital and compliance. For crypto users and institutions, a live OpenReserve bank could mean more regulated venues for dollar stablecoins, tokenized deposits, and cross border payments that plug directly into Fed payment rails. Key risks are that OpenReserve fails to raise capital on time, stumbles on AML or technology exams, or faces political pushback, as some US lawmakers have already criticized OCC crypto charters as overreach.

Conclusion

OpenReserves conditional OCC charter marks a significant step toward a fully regulated US crypto native bank that marries insured deposits with tokenized and onchain services. The move reinforces a regulatory pathway for serious, well capitalized crypto firms to become banks rather than operate entirely outside the perimeter. The value for crypto markets will depend on whether OpenReserve and its peers can clear the remaining regulatory hurdles and deliver stable, compliant infrastructure at scale.