The U.S. Office of the Comptroller of the Currency (OCC) formally approved OpenReserve Bank for preliminary conditional approval of a national bank charter on September 3. OpenReserve is a blockchain bank jointly backed by seven leading Crypto institutions, including a16z, Coinbase Ventures, and Jump Capital. It has chosen the full-service national bank route rather than the trust company route, with the goal of serving institutional clients.
OCC Approves OpenReserve Bank’s Preliminary Conditional Charter
According to the OCC’s official letter, the OCC formally granted OpenReserve Bank preliminary conditional approval for a national bank charter on Thursday. OpenReserve submitted its application to the OCC in April 2026 and received preliminary approval in early September, in less than five months.
The application process was significantly faster than in the past. Figure applied for a national bank charter in 2020 but did not receive final approval until the end of 2023. After Jonathan Gould, the new OCC Comptroller appointed by the Trump administration, took office, he clearly stated that digital asset companies were welcome to enter the regulated banking system, providing important context for the accelerated approval.
Joint Investment by Seven Major Crypto Institutions
According to reports, OpenReserve’s major investors include Andreessen Horowitz (a16z), Coinbase Ventures, Jump Capital, Acrew, Wintermute Ventures, Clocktower, Quona, AAF Management, and Zero Knowledge Ventures.
a16z Crypto explained the investment rationale in an official post: “We need a bank that is always online, always open, and always Available—a ‘continuous bank’ that never closes.”
Choosing the National Bank Route Rather Than the Trust Company Route
According to reports, the OCC has preliminarily approved many bank and trust company charters over the past several years, with most applicants taking the “trust company” route. OpenReserve chose the more stringent and more powerful full-service national bank route.
Co-founder and CEO Dee Choubey said: “We deliberately chose the national bank route. Regulation, security, compliance, and customer confidence are not constraints on what we can build; they are the foundation.”
OpenReserve’s Three Major Service Lines
According to reports, OpenReserve is headquartered in Salt Lake City, Utah, and aims to serve institutional clients. Its three major service lines are:
Treasury Management: Corporate treasury and cash management
Stablecoin Issuance: Issuing USD Stablecoin directly through the banking system, with claims of compliance with the GENIUS Act framework (the U.S. Stablecoin Innovation Act)
Tokenized Deposits: Converting traditional bank deposits into programmable on-chain Assets
All services include on-chain settlement.
FAQ
What type of charter did OpenReserve Bank obtain?
According to the OCC’s official letter, OpenReserve Bank received preliminary conditional approval for a bank charter; the final permanent charter still requires final approval from the OCC.
Who are OpenReserve’s major investors?
According to reports, the investors include a16z, Coinbase Ventures, Jump Capital, Acrew, Wintermute Ventures, Clocktower, Quona, AAF Management, and Zero Knowledge Ventures.
Why was this application much faster than Figure’s application?
According to reports, OpenReserve submitted its application in April 2026 and received preliminary approval in less than five months. Jonathan Gould, the new OCC Comptroller appointed by the Trump administration, clearly stated that digital asset companies were welcome to enter the regulated banking system, providing key context for the accelerated approval. By comparison, Figure applied in 2020 but was not approved until the end of 2023, reflecting a significant change in the regulatory stance.
Why did OpenReserve choose the national bank route rather than the trust company route?
According to CEO Dee Choubey’s statement, OpenReserve deliberately chose the full-service national bank route, viewing regulation, security, and compliance as the foundation of its business rather than as constraints.
