OpenReserve wins initial OCC approval for U.S. bank

The Office of the Comptroller of the Currency granted OpenReserve preliminary conditional approval on Sept. 2 to organize a full-service insured national bank in Salt Lake City, Utah. Summary OCC granted OpenReserve preliminary conditional approval to organize a full-service insured national bank in Utah. OpenReserve must raise at least $210 million and obtain deposit insurance before receiving final authorization. The proposed bank plans deposits, lending, digital asset custody, tokenized deposits and treasury payment services. A stablecoin subsidiary remains unfiled and future issuance must comply with the GENIUS Act fully. Preliminary approval expires unless capital arrives within twelve months and banking begins within eighteen months. The approval does not allow OpenReserve Bank to begin banking operations. The company must satisfy the OCC’s capital, governance, security and compliance requirements before receiving final authorization. OpenReserve plans a full-service national bank OpenReserve applied for a national bank charter on April 13. Unlike limited-purpose national trust banks, its proposed institution would accept insured deposits and offer conventional lending alongs...