A group is looking to form a national bank to offer traditional banking with blockchain infrastructure.
The proposed OpenReserve Bank would offer lending, deposit, stablecoin, digital treasury, card issuance, payment, and settlement services, according to an application with the Office of the Comptroller of the Currency. The group, which is seeking deposit insurance from the Federal Deposit Insurance Corp., would operate out of Salt Lake City.
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.
The bank, which would operated under holding company OpenReserve Holdings, would have no branches.
Dee Choubey would serve as CEO, while Richard Correia would be the president and chief operating officer.