OpenReserve Gets OCC's First Approval for Bank Charter
The preliminary OCC license puts OpenReserve on the path to a national bank with onchain settlement, stablecoins, and tokenized deposits. The move fits into the U.S. shift toward tightly regulated crypto banks.
Key Takeaways
- OpenReserve Bank received a preliminary bank license from the U.S. regulator OCC.
- The blockchain bank wants to grow into a national full-service bank with onchain settlement.
- OpenReserve is targeting institutional clients for treasury management, stablecoin issuance, and tokenized deposits.
OpenReserve Bank has received a preliminary bank license from the U.S. regulator OCC. The blockchain bank, backed by Andreessen Horowitz, Jump Capital, and Coinbase Ventures, wants to grow into a full-service national bank with onchain settlement built into its services.
Full-Service Bank With Crypto Investors
According to OpenReserve, the company deliberately chose a national bank license instead of a more limited structure. CEO Dee Choubey said in a statement that oversight, security, compliance, and customer trust are the foundation of what the company is building.
The bank is based in Salt Lake City, Utah, and still needs final OCC approval before the license becomes permanent. OpenReserve filed its application in April. Along with a16z, Jump, and Coinbase Ventures, Acrew, Wintermute Ventures, Clocktower, Quona, AAF Management, and Zero Knowledge Ventures also joined in.
Stablecoins and Tokenized Deposits
OpenReserve says it is focused on institutional clients for treasury management, stablecoin issuance, and tokenized deposits. The company also points to the rules in the GENIUS Act, which sets up a federal framework for stablecoins in the United States and includes reserve requirements, among other things.
That law fits into the broader shift in which U.S. regulators seem to be giving more room to crypto-native banks. On the same day, the OCC also approved a conditional bank license for British fintech company Revolut, which wants to operate from Connecticut.
The development lines up with the broader trend of banks adding blockchain infrastructure to their services. For example, Standard Chartered in Dubai recently started institutional spot trading in bitcoin and ether through its banking platform.
Why This Matters
For European crypto followers, this move shows how quickly the U.S. market is moving toward regulated crypto banks. That matters for companies that want to offer stablecoins, tokenized deposits, or institutional crypto services, because bank licenses are becoming more important there. For Dutch and European companies working with U.S. counterparties, it could also raise the bar for compliance and bank access even further.
