OpenReserve

The profile

OpenReserve has never taken a deposit and cannot yet: the Comptroller's letter of 2 September 2026 says the proposed bank 'may not begin the business of banking until it fulfills all requirements for a bank in organization and the OCC grants final approval'. What exists is a charter application filed on 13 April 2026 under 12 USC 21-27 and 12 CFR 5.20, granted preliminary conditional approval as Corporate Decision #1389 under proposed charter number 27203, with its main office in Salt Lake City, Utah and no branches. The plan the OCC assessed is a full-service insured national bank offering 'deposit and lending products, including tokenized capabilities across all deposit products, as well as payments and treasury services, digital asset services, foreign correspondent banking, and a range of additional services through a full-service banking-as-a-service platform'. A wholly-owned subsidiary is to issue, custody, convert and pay dollar-denominated reserve-backed stablecoins, and to provide non-fiduciary custody of digital assets; no application for it has been filed. The bank would take fees in digital assets deducted from customer transactions, converting them to fiat within one business day or holding them for a permissible purpose, and would hold digital assets on its own balance sheet to pay network fees. Approval carries four conditions, of which the first requires the bank to conform its activities, including stablecoin issuance, to the GENIUS Act and any future implementing regulations, and the third sets a tier 1 leverage ratio floor of 12.0 per cent for three years. Initial paid-in capital must be at least $210m net of organizational and preopening expenses, raised within twelve months, with the bank open within eighteen or the approval expires. The OCC posed no objection to eleven organizers, directors and officers, led by Diwakar Choubey as chief executive and Richard Correia as president and chief operating officer, and waived the director residency requirement for seven of them. The Block and PYMNTS report a $25m seed round led by a16z crypto, and PYMNTS quotes Choubey calling the approval 'a significant milestone and the beginning of the most demanding phase of the work'.