OpenReserve Gets Preliminary Approval for US National Bank Charter

OpenReserve moves closer to US banking status

OpenReserve Bank, a company backed by the prominent venture firm Andreessen Horowitz, has received preliminary approval from the Office of the Comptroller of the Currency (OCC). This approval is a major step toward OpenReserve becoming a full-service national bank in the United States.

The OCC issued a letter on Wednesday stating that OpenReserve has met the initial requirements to operate as a "de novo" bank, which means a newly established bank. The company must still raise enough money and complete final checks before it can begin operations.

Financial requirements and services

To move forward, OpenReserve must raise at least $210 million in starting capital. This amount is calculated after paying for organizational and pre-opening expenses. Additionally, the bank must maintain a Tier 1 leverage ratio of at least 12% for its first three years of operation.

Founded in 2025 by Diwakar Choubey and Richard Correia, OpenReserve plans to use a programmable core ledger and on-chain settlement. Proposed services include deposits, lending, payments, digital asset custody, and foreign correspondent banking. The company also intends to create a subsidiary to issue, custody, and manage stablecoins. Stablecoins are cryptocurrencies designed to keep a stable value, usually tied to the US dollar.

Investor backing and regulatory context

OpenReserve previously raised a $25 million seed round led by Andreessen Horowitz’s crypto division, a16z. Other investors in the round include Jump Capital, Coinbase Ventures, Wintermute Ventures, and Quona.

In a blog post, a16z crypto said it believes Americans and companies worldwide will benefit from having more banking options. The firm stated it is proud to partner with the OpenReserve team.

The OCC’s decision comes as the regulator grants conditional approvals to several crypto-focused institutions under Comptroller Jonathan Gould. Since 2025, the OCC has received 40 applications for new national bank charters and approved 21. Other firms that have received similar approvals include Coinbase, Paxos, BitGo, Ripple, Circle, and Revolut.

Path forward and criticism

Before OpenReserve can officially open, it must satisfy all preopening requirements set by the OCC and receive final approval. The company is also expected to apply for deposit insurance from the Federal Deposit Insurance Corporation (FDIC) and apply for stock in the Federal Reserve Bank.

The push for crypto bank charters has faced opposition. In May, Senator Elizabeth Warren accused the OCC of allowing crypto firms to operate beyond the activities permitted under the National Bank Act. Her criticism focused on companies including Ripple, Circle, and Coinbase.

What remains unclear

While the OCC has granted conditional approval, the final timeline for OpenReserve to fully open its doors is not yet confirmed. The subsidiary responsible for stablecoin issuance has not yet filed its own application with regulators.

Sources

• The Block