OCC gives conditional approval to planned OpenReserve Bank

OpenReserve Bank has received conditional approval from the Office of the Comptroller of the Currency for a national bank charter.

The proposed bank, which submitted its applications in April and recently raised $25 million in a seed round led by a16z, would operate out of Salt Lake City and offer lending, deposit, stablecoin, digital treasury, card issuance, payment, and settlement services,

OpenReserve also plans to create a wholly owned subsidiary, ReserveUSD, to handle stablecoin issuance, custody, conversion, and payments for GENIUS Act-compliant stablecoins. Target customers would include digital asset platforms, fintechs, trading and investment firms, businesses, high-net-worth individuals, retail consumers, and domestic and foreign financial institutions.

Dee Choubey would serve as CEO, while Richard Correia would be the president and chief operating officer.