OpenReserve Receives Initial U.S. Approval to Launch Blockchain-Based Bank

The U.S. Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval for OpenReserve Bank, a proposed national bank designed to combine traditional financial services with blockchain infrastructure and onchain settlement.

The Salt Lake City-based institution is backed by prominent investors from the crypto and technology sectors, including Andreessen Horowitz, Jump Capital and Coinbase Ventures. The OCC’s decision marks another significant step in the growing integration of digital assets and blockchain technology into the U.S. regulated banking system.

OpenReserve Chooses a Full National Bank Charter

Unlike several recent crypto-related banking applications that have focused primarily on trust charters, OpenReserve opted to pursue a full-service national bank charter.

The company said its model is intended to incorporate onchain settlement directly into a federally supervised banking institution. Its planned services include treasury management, stablecoin infrastructure, traditional and tokenized deposits, lending and other financial services for institutional clients.

OpenReserve CEO and co-founder Dee Choubey said the company intentionally chose the national banking route, arguing that regulatory oversight, financial stability, compliance and customer confidence should form the foundation of its business rather than act as limitations.

The bank is being developed around the idea of a financial institution that can operate continuously, allowing capital to move beyond traditional banking hours.

OpenReserve Targets Institutional Digital Asset Services

OpenReserve plans to serve businesses and financial institutions involved in treasury management, stablecoins and tokenized assets.

Its proposed infrastructure is designed to support 24/7 onchain settlement, while connecting conventional banking services with blockchain-based financial markets. The company also plans to develop ReserveUSD, a stablecoin designed around the requirements of the U.S. GENIUS Act.

OpenReserve describes its broader strategy as creating a "continuous bank" capable of connecting deposits, payments, lending, custody and capital markets through blockchain infrastructure.

The company argues that moving these functions onto shared, continuously available infrastructure could reduce settlement delays and the amount of capital that remains tied up within traditional financial systems.

OCC Approval Is Still Conditional

Despite the OCC's decision, OpenReserve does not yet have permission to begin operating as a fully established national bank.

The company must satisfy the conditions attached to the preliminary approval and complete the OCC's pre-opening requirements. It is also seeking approval from the Federal Deposit Insurance Corporation (FDIC) for federal deposit insurance before commencing banking operations.

This means the latest decision represents an important regulatory milestone, rather than the final stage of the bank's establishment.

From Application to Preliminary Approval

OpenReserve's latest development follows a process that began earlier in 2026.

The company submitted its interagency application to the OCC and FDIC on April 13, 2026, proposing the creation of a de novo national bank that would integrate blockchain infrastructure into conventional banking services.

The OCC's digital-assets licensing records subsequently listed OpenReserve among the institutions seeking a new national banking charter.

The progression from an April application to preliminary conditional approval in September highlights how quickly the regulatory landscape is evolving for financial institutions built specifically around digital assets and blockchain technology.

A Wider Wave of Crypto Banking Applications

OpenReserve's approval comes amid a broader increase in applications from companies seeking to bring digital-asset businesses into the regulated U.S. banking sector.

The OCC's records show applications from several crypto and fintech companies during 2026, including zerohash, Dakota National Trust Bank, Catena Trust Bank, Payward National Trust Company, Agora National Trust Bank and Revolut Bank US.

The OCC has also previously approved or conditionally approved applications involving digital-asset firms such as BitGo and Fidelity Digital Assets, as well as Coinbase National Trust Company.

However, OpenReserve's approach is notable because it is pursuing a full-service national bank model, rather than limiting its activities primarily to custody and fiduciary services.

GENIUS Act Creates a New Regulatory Backdrop

The development also follows the passage of the GENIUS Act, which OpenReserve identifies as an important foundation for its stablecoin strategy.

The company says its proposed ReserveUSD stablecoin is being designed to comply with the legislation, while its broader banking infrastructure is intended to support tokenized deposits and onchain settlement within a regulated institution.

This regulatory development is important because it provides companies building blockchain-based financial infrastructure with a clearer framework for incorporating stablecoins into regulated financial activities.

Crypto Firms Move Closer to Traditional Banking

The growing number of charter applications reflects a notable change in the relationship between the crypto industry and the U.S. banking system.

Digital-asset companies faced significant challenges accessing traditional banking infrastructure in previous years. The current regulatory environment, however, is creating more opportunities for crypto-native businesses to seek direct access to regulated banking structures.

OpenReserve's model illustrates how that transition could evolve: rather than operating alongside the banking system, blockchain-based financial infrastructure is increasingly being designed inside regulated banking institutions.

What OpenReserve's Charter Could Mean for Digital Finance

OpenReserve's development is significant because it goes beyond simply giving a crypto company access to a banking charter. Its model attempts to combine the regulatory framework of a national bank with the continuous settlement capabilities of blockchain networks.

If the bank ultimately receives all required approvals and begins operations as planned, it could provide a blueprint for how tokenized deposits, stablecoins and onchain settlement can operate within a federally supervised banking structure.

From an industry perspective, the more important question is whether this model can deliver measurable improvements in settlement speed, liquidity management and capital efficiency while maintaining the safeguards expected from traditional banks. The success of OpenReserve will therefore depend not only on its blockchain infrastructure, but on whether it can demonstrate that continuous, onchain banking can work at institutional scale without compromising compliance, risk management or financial stability.