OpenReserve Secures Conditional OCC Approval for Salt Lake City Bank

To transition from a proposed entity to a functional institution, OpenReserve must raise at least $210 million in initial capital and secure deposit insurance from the Federal Deposit Insurance Corporation. The regulator has set a strict timeline: the company has 12 months to finalize its capital requirements and 18 months to launch operations, or the approval will expire. Unlike limited-purpose trust charters that focus solely on custody, this bank intends to offer conventional retail and commercial lending, treasury management, and foreign correspondent banking alongside its onchain infrastructure.

CEO Dee Choubey described the project as a bid to build durable financial infrastructure within the U.S. regulatory perimeter. The institution plans to facilitate cross-border remittances using digital assets and stablecoins, though the OCC clarified that a separate subsidiary for stablecoin issuance has not yet been filed. Any future issuance must strictly adhere to the GENIUS Act. Before the doors open, the OCC will conduct a preopening examination to verify the bank's governance, information security, and compliance with the Bank Secrecy Act. The firm, backed by investors including Andreessen Horowitz and Coinbase Ventures, must also prove its technology architecture can withstand unauthorized access and cyber threats before receiving final authorization.