The Office of the Comptroller of the Currency (OCC) granted preliminary approval on September 3, 2026 to OpenReserve Bank, National Association, making it the first « blockchain-native » national bank in the United States to receive such a green light. Backed by a16z crypto, Jump Capital and Coinbase Ventures, the Salt Lake City-based company still has to clear several regulatory milestones before accepting deposits or opening to the public.
🔑 Key takeaways
- OpenReserve Bank receives conditional approval from the OCC on September 3, 2026
- The bank is based in Salt Lake City, Utah, with Diwakar Choubey as co-founder and CEO
- Backed by a16z crypto, Jump Capital, Coinbase Ventures, Wintermute Ventures and Clocktower
- A subsidiary ReserveUSD, LLC will handle stablecoin services compliant with the GENIUS Act
- The same day, the OCC also approved the banking charter of Revolut from Connecticut
OpenReserve: a national bank charter deliberately chosen
OpenReserve is described as a « blockchain-native » bank. Rather than opting for a limited trust structure or a state-by-state money transmitter license, the company chose from day one the path of a full-service national bank. This strategic decision allows it to integrate on-chain settlement directly into a banking platform regulated by the OCC and insured by the FDIC (Federal Deposit Insurance Corporation).
« We deliberately chose the national bank path. Supervision, safety and soundness, compliance and customer trust are not constraints on what we are building; they are the foundation. »
Diwakar Choubey, CEO of OpenReserve
The company was founded with the backing of several major crypto investors. Among the initial supporters are Andreessen Horowitz (a16z crypto), Jump Capital and Coinbase Ventures, alongside Acrew, Wintermute Ventures, Clocktower, Quona, AAF Management and Zero Knowledge Ventures.
« We need a bank that is always on, always open, always available. A bank that never closes. A continuous bank. »
a16z crypto, investment statement
A full on-chain banking platform: treasury, stablecoins and lending
OpenReserve’s business model revolves around a full-service national bank combined with blockchain products. Planned services include corporate treasury management, stablecoin issuance, tokenized deposits, digital asset-backed lending, payment card issuance, as well as on-chain payments and settlement.
- Corporate treasury management
- Stablecoin issuance backed by reserves
- Tokenized deposits on the bank’s books
- Digital asset-backed lending
- Payment card issuance
- On-chain payments and settlement
To specifically house stablecoin-related activities, OpenReserve created a wholly-owned subsidiary called ReserveUSD, LLC. This entity will be dedicated to the issuance, custody, conversion and payments for stablecoins compliant with the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins). This structural separation isolates operational risks specific to stablecoins from the rest of the banking activity and prepares the ground for a U.S.-specific stablecoin regulatory framework.
A regulated path through the OCC and the FDIC
OpenReserve’s application was officially filed with the OCC on April 13, 2026, through the New York-based law firm Skadden, Arps, Slate, Meagher & Flom LLP. Mark Chorazak, a partner at the firm, addressed the application to deputy comptroller Sebastian R. Astrada. In compliance with OCC rules, a public notice was published in the Salt Lake Tribune on April 19, 2026. The filing sought approval to organize and operate a new national bank under 12 U.S.C. §§ 21 and 24 (Seventh), as well as FDIC approval to obtain federal deposit insurance. Holdings also indicated its intention to file an application with the Federal Reserve Board of Governors to become a bank holding company.
The approval granted on September 3, 2026 remains preliminary and conditional. OpenReserve still has to meet several requirements before opening to the public:
| Requirement | Description |
|---|---|
| Capital thresholds | Minimum capital in line with OCC standards for a national bank |
| Board validation | Review of proposed directors and executives put forward by the founding team |
| Operational exams | Verification of systems, controls, cybersecurity and AML/KYC procedures |
| Supervised build-out period | Run-in phase under OCC supervision before opening to the public |
« Preliminary or conditional approval is a starting gun, not a finish line. »
Spendnode, sector analysis
Spendnode notes that companies receiving conditional approvals in the past have sometimes taken several months, or even longer, before beginning to operate, and that some never made it. OpenReserve’s effective opening timeline therefore remains contingent on clearing these prerequisites.
Pro-crypto regulatory context under the Trump-Gould administration
OpenReserve’s approval is part of an openly pro-crypto policy. President Donald Trump’s administration has made welcoming digital asset companies into the regulated banking sector a stated priority. OCC Director Jonathan Gould, appointed by this administration, is steering this strategic direction. On September 3, 2026, the OCC also approved a conditional banking charter for Revolut, the British fintech, which will operate from Connecticut. Law360 confirmed these two simultaneous preliminary approvals, signaling an acceleration in the pace of digital charters in the United States.
On the legislative side, Circle Chairman Heath Tarbert has called on Congress to adopt the CLARITY Act, calling it the missing piece of the U.S. digital asset regulatory framework. SEC (Securities and Exchange Commission) Chairman Paul Atkins expects the CLARITY Act to be adopted by the Senate. This clarification would define jurisdiction between the SEC and the CFTC (Commodity Futures Trading Commission) for digital assets, lifting one of the main grey areas for blockchain banks like OpenReserve. The OCC did not immediately respond to a request for additional confirmation of this charter approval.
Crypto market rally in early September 2026
On the macro side, the crypto market trended positively in early September 2026. According to CoinMarketCap, as of September 4, 2026, the main assets were trading as follows:
| Asset | Price | 24h change |
|---|---|---|
| Bitcoin (BTC) | $80,818 | +4.0% |
| Ether (ETH) | $2,506 | +4.3% |
| XRP | $1.45 | +5.9% |
The Fear & Greed Index stood at 78, firmly in the « Greed » zone. These moves are not directly attributable to OpenReserve’s approval, but fit into a broader positive sentiment linked to a regulatory framework perceived as more favorable to digital assets in the United States and to the prospect of the CLARITY Act being adopted by the Senate.
Conclusion: toward a new crypto-native banking architecture
OpenReserve Bank’s preliminary approval marks a structural turning point for the crypto industry. For most of the past decade, crypto companies looking to perform banking functions had to either rent access through partner banks, obtain state-by-state money transmitter licenses, or route deposits through intermediaries. A direct banking charter shifts the posture from borrowed access to chartered access, with unified OCC oversight.
The collapse of the intermediation stack reduces counterparty risk and strengthens the structural soundness of stablecoin products and crypto-linked accounts. If OpenReserve successfully clears the remaining capital, governance and operational readiness milestones, it could become the first U.S. national bank to natively offer on-chain services, redefining the boundaries between traditional banking and the digital economy. The signal sent to the market is clear: the era of crypto-native banks backed by an OCC charter has begun, and Revolut’s parallel approval confirms that this structural trend will accelerate in the coming months.
Sources
- CoinDesk: U.S. banking agency gives blockchain bank OpenReserve initial OK to operate
- OCC: OpenReserve Bank public application filing
- Spendnode: OpenReserve blockchain bank US banking approval
- Industry Events: approval coverage (September 4, 2026)
- Law360: OCC gives initial nods to digital banks Revolut, OpenReserve
- Alpha Maven: OpenReserve approval coverage
This article is published for informational and educational purposes. It does not constitute investment advice. Do your own research (DYOR) before making any decision.
