OpenReserve Wins Preliminary Approval for National Charter
The proposed bank requires $210 million in capital to open its doors to the public for stablecoin services.
Updated on Oct. 23, 2026 in Banking
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The Office of the Comptroller of the Currency granted OpenReserve preliminary conditional approval for a national bank charter on September 2, 2026. The proposed Salt Lake City-based institution intends to manage U.S. dollar-denominated reserve-backed stablecoins once it meets final operational and capital requirements.
Why it matters
This approval marks a regulatory step for a new type of financial institution focused on digital assets and reserve-backed tokens. The bank must now secure significant capital to move from this conditional state to active operations.
OpenReserve must raise $210 million in initial paid-in capital to open, compared to the $25 million in seed funding announced on September 3, 2026. The bank is also required to maintain a Tier 1 leverage ratio of at least 12 percent during its first three years.
The players
Office of the Comptroller of the Currency
The federal agency that charters and regulates national banks to ensure they operate in a safe and sound manner.
OpenReserve
A proposed financial institution planning to issue and hold U.S. dollar-denominated reserve-backed stablecoins.
a16z crypto
A venture capital firm that provides funding to technology companies and digital asset projects.
The details
To gain final approval, OpenReserve must meet stringent preopening requirements set by the OCC. The bank plans to operate as a digital-first institution headquartered in Salt Lake City, focusing on the issuance, custody, and conversion of U.S. dollar-denominated stablecoins through a subsidiary. It faces strict capitalization mandates to ensure stability during its initial years of operation.
Timeline
April 13, 2026: OpenReserve filed its national bank charter application.
August 5, 2026: Official de novo bank application and approval data was recorded.
September 2, 2026: The OCC issued the preliminary conditional approval.
September 3, 2026: OpenReserve announced its seed funding round.
Money Landscape
This development follows the established regulatory framework for the national bank chartering process as overseen by the OCC. It represents a niche entry in the current banking landscape as federal regulators continue to evaluate new entities within the digital asset sector.
This status change does not currently impact household accounts, as the institution is not yet open for public banking services. Readers should watch for future announcements regarding if or when this entity begins offering consumer-facing digital asset services.
The takeaway
The granting of a preliminary charter signifies a major regulatory hurdle cleared, but the institution still has substantial capitalization requirements to meet before it can operate. Monitor updates regarding the bank's progress toward final authorization if you are tracking the digital asset banking sector.
What happens next
OpenReserve has 12 months from September 2, 2026, to raise the required capital and 18 months from that date to open for business, or its preliminary approval will expire.
Further reading
Learn more about how regulators oversee Banking operations in the current economic environment.
Source note: This article includes information reported by TokenPost.
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