OCC Grants OpenReserve Preliminary Bank Charter

The Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval for OpenReserve Bank to establish a full-service national bank headquartered in Salt Lake City, Utah. The decision, made on Wednesday, September 2, 2026, marks a significant step toward integrating conventional banking services with digital asset offerings, though the bank cannot begin operations until further requirements are met. OpenReserve filed its charter application on April 13, 2026. The preliminary approval allows the company to move forward with plans for a federally chartered institution that would offer traditional services such as deposits, lending, payments, and treasury management, alongside digital asset custody and tokenized deposits. The proposed structure also includes a subsidiary for issuing U.S. dollar-backed stablecoins, though a separate application for this subsidiary has not yet been filed. This approval is conditional and requires OpenReserve to fulfill several prerequisites before receiving final authorization to operate. The company must raise at least $210 million in initial paid-in capital.