OCC Grants Preliminary Approval to Establish OpenReserve Bank
The U.S. OCC has allowed the OpenReserve Bank project to continue organizing a national bank. Before opening, however, it must meet several conditions, including final OCC approval and FDIC deposit insurance.
Preliminary approval for OpenReserve Bank from the U.S. Office of the Comptroller of the Currency (OCC) moves the project into the organizational phase under federal supervision. On September 2, 2026, the regulator preliminarily and conditionally approved the application to establish OpenReserve Bank, National Association, headquartered in Salt Lake City, Utah. The decision, however, is not permission to begin providing banking services.
The proposed entity is intended to operate as a full-service insured national bank. Its plan includes deposits, lending, payments, treasury services, digital assets, and tokenized features for deposit products. In its decision, the OCC reviewed a model that also includes digital-asset custody and planned stablecoin activities.
What OpenReserve Bank’s Preliminary Approval Means
Preliminary conditional approval allows the company to continue organizing the bank. It does not mean the bank already has a federal charter to operate, nor that it may accept deposits, provide loans, or launch products connected to digital assets.
Before opening, OpenReserve must meet the regulator’s pre-opening requirements, obtain final OCC approval, secure deposit insurance from the Federal Deposit Insurance Corporation (FDIC), and obtain other required regulatory approvals. The possible start date has not been confirmed, nor has the outcome of any future application for deposit insurance.
The OCC also expressly did not grant general approval for the company’s technology, products, or business model. The future offering and availability of services therefore remain OpenReserve’s plans, not approved or launched banking services.
Capital Requirement: $210 Million
The decision also sets specific financial conditions. OpenReserve must have minimum initial paid-in capital of $210 million. During the first three years, it must also maintain a Tier 1 leverage ratio of at least 12%.
The conditions do not concern capital alone. Areas monitored in the process also include operational, security, compliance, and governance requirements. Key pre-opening steps will therefore include the OCC’s pre-opening review, management readiness, and compliance with requirements including cybersecurity and anti-money-laundering measures.
Stablecoin Subsidiary Not Yet Authorized
The plan includes a subsidiary intended to issue, custody, convert, and facilitate payments involving U.S. dollar-backed stablecoins. However, an application for authorization for this subsidiary has not yet been filed.
Stablecoin activities are therefore not the result of the OCC’s current decision. If OpenReserve submits the relevant application, it will separately address regulatory approval and compliance with the GENIUS Act and implementing rules.
The decision is significant because it concerns a proposed national bank that, alongside traditional banking activities, envisions tokenized deposit functions and digital-asset services. The project’s current status, however, is organizational: it is not yet possible to describe it as an operating crypto bank or to speak of available stablecoin products.
What Happens Next
- Filing and evaluation of an application for FDIC deposit insurance,
- Meeting pre-opening conditions and obtaining final OCC authorization to begin operations,
- A possible separate application concerning the stablecoin subsidiary,
- Demonstrating compliance with capital, cybersecurity, AML, and governance requirements.
Sources
- Office of the Comptroller of the Currency — Corporate Decision #1389 – The primary decision confirms preliminary conditional approval, planned activities, conditions, $210 million in capital, and the prohibition on beginning operations before final approval.
- OpenReserve — The Continuous Bank – The company confirms that it remains in the organizational phase and must meet OCC conditions, obtain FDIC approval, and separately address access to the Federal Reserve.
Verified and updated: 09/04/2026 06:22
