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OpenReserve Wins Preliminary OCC Approval for a US Blockchain Bank

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OpenReserve Wins Preliminary OCC Approval for a US Blockchain Bank

The Utah-based firm, backed by Andreessen Horowitz and Coinbase Ventures, cleared an early regulatory step toward operating a national bank built on blockchain infrastructure.

AfroEuropa Newsroom

AfroEuropa desk

Sep 7, 2026 2 min read 73

OpenReserve, a blockchain financial institution based in Salt Lake City, Utah, has secured preliminary approval from the U.S. Office of the Comptroller of the Currency (OCC) to set up a national bank, according to BitKE.

The company is backed by investors including Andreessen Horowitz, Jump Capital, Coinbase Ventures, and Wintermute Ventures, among others. It plans to develop banking services around blockchain infrastructure, spanning on-chain settlement, treasury management, digital asset services, foreign correspondent banking, stablecoins, and tokenized deposits, delivered through a full-service banking-as-a-service platform.

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As part of its plans, OpenReserve intends to establish a wholly-owned subsidiary focused on stablecoins. The OCC noted that the subsidiary would handle issuance, custody, conversion, and payment of U.S. dollar-denominated, reserve-backed stablecoins, but that an application for the subsidiary has not yet been filed.

Through that subsidiary, the proposed bank would provide custody services for digital assets in a nonfiduciary capacity, such as hosting wallets and holding cryptocurrencies. The OCC has previously determined that offering custody services, including for cryptocurrencies, is a permissible activity for a national bank under 12 USC 24 (Seventh).

Separately, Sifted reported that Revolut has cleared a first step toward obtaining a US banking licence.

Tags:#regulation#stablecoins#banking#digital assets#occ#openreserve

Sources

Sifted
BitKE · CryptoGuru

Photo: Marta Branco / Pexels

From the AfroEuropa desk. This story was produced with our newsroom engine, the desk's automated writing system, and published under our editorial standards: facts come from the cited sources, re-reported in our own words, and a named human editor answers for what we publish. Spotted an error? Tell us and we correct it openly. See our Editorial & Sourcing Policy for how we source and correct stories.

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The market structure bill fell short of the 60 votes needed to advance in the Senate, with Bitcoin dipping as the result became clear.

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