OpenReserve Holdings has received preliminary conditional approval from the OCC to charter OpenReserve Bank, N.A., a full-service national bank.
The approval marks a step towards the launch of a US national bank that combines conventional banking services with onchain settlement capabilities, operating under the same supervisory, capital, and safety-and-soundness requirements applied to other national banks. Before the bank can begin operations, OpenReserve Bank (in organisation) must still satisfy the OCC's preopening requirements and obtain final approval to open.
Planned product scope
According to the announcement, OpenReserve Bank is being developed to serve businesses and financial institutions seeking to manage capital movement with greater continuity and control. In addition, its intended offerings include commercial and retail lending products, a treasury management platform, traditional and tokenised deposit products, and stablecoin infrastructure designed for global capital markets. The stablecoin component is described as being built to comply with the GENIUS Act, the US federal framework governing payment stablecoins.
The company has stated that the bank is intended to reduce fragmentation across financial systems while maintaining defined boundaries between banking and affiliated activities.
Regulatory pathway and next steps
Dee Choubey, co-founder and CEO of OpenReserve Bank (in organisation), said the preliminary conditional approval represents the beginning of the most demanding phase of the process, and that the national bank charter route was chosen deliberately, given the supervisory and compliance obligations it carries. Furthermore, Richard Correia, co-founder and president, described the bank's ambition as operating a unified onchain ledger within a nationally chartered institution, enabling instant settlement and allowing existing assets to be used as collateral within the same ledger. Correia added that the company's Forward Deployed Solutions team works directly with customers to integrate the bank's infrastructure into their existing operations.
During the preopening period, the company expects to continue building its executive leadership, governance, risk management, compliance, capital, and technology functions. Any future products remain subject to OCC approval, final design, customer eligibility, and operational readiness.
Funding background
Alongside the charter announcement, OpenReserve Bank disclosed seed funding from Andreessen Horowitz, Jump Capital, Acrew, Coinbase Ventures, Wintermute Ventures, Clocktower, Quona, AAF Management, and Zero Knowledge Ventures. Funding amounts were not disclosed. The company said it will provide further information as it reaches additional regulatory and operational milestones.
The move reflects a broader pattern among US regulators of considering national bank charters for firms seeking to integrate blockchain-based settlement within federally supervised banking structures, rather than operating such infrastructure outside the regulated perimeter.
