OpenReserve Bank, N.A. has received preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) for a proposed full-service national bank to be based in Salt Lake City, Utah. The decision, issued on September 2, 2026, represents an intermediate step rather than a green light to open: the bank cannot commence operations until it satisfies the preopening conditions and obtains final authorization.

Should it complete the process and secure all required approvals, OpenReserve intends to hold insured deposits, issue loans, and facilitate stablecoin issuance. According to the firm's application, filed on April 13, 2026, the bank would integrate blockchain infrastructure into traditional banking products for digital-asset-native clients, offering tokenized deposits, treasury management, and banking-as-a-service for institutional customers.

A conditional approval for a de novo — that is, newly chartered — national bank focused on digital assets is a notable marker in a sector where charter access has been contested. The OCC has previously granted limited-purpose national trust bank charters to digital-asset firms, such as Anchorage Digital in 2021, while the Federal Reserve in 2023 denied Custodia Bank's application for membership, a decision upheld on review. OpenReserve's proposed structure, a full-service insured bank rather than a trust, is one reason its capital and preopening conditions are drawing attention.

Built for the hours the Fed is closed

The proposed model includes tokenized deposits and payments services, though these plans should not be confused with an already operating round-the-clock bank. Fedwire Funds currently operates for 22 hours on a funds-transfer business day, from 9 p.m. Eastern on the preceding calendar day to 7 p.m., with weekends and holidays following its published schedule.

The OCC decision identifies Diwakar Choubey as proposed chief executive and Richard Correia as proposed president and chief operating officer. It also lists the organizers and other officers to whom the regulator has raised no objection.

A vertically integrated bet

The proposal combines conventional banking products with digital-asset services. A planned wholly owned stablecoin subsidiary would handle the issuance, custody, conversion, and payments of dollar-denominated reserve-backed stablecoins — but that subsidiary's application had not been filed at the time the OCC made its decision.

That gap is also the first regulatory caveat. The OCC's approval documents note that the bank plans to form the wholly owned stablecoin subsidiary for those functions, yet because no application has been submitted, the preliminary approval does not authorize launching the subsidiary or any stablecoin product. The bank would still need to comply with applicable stablecoin law and obtain the necessary approvals.

The price of a full charter

The conditions attached to the approval illustrate how seriously the OCC is treating the experiment. OpenReserve must raise $210 million in initial paid-in capital and maintain a 12 percent Tier 1 leverage ratio for its first three years of operation — well above the 5 percent leverage threshold federal regulators use to classify a bank as well capitalized. It has until September 2027 to close the capital raise, and the approval expires if the bank does not open within 18 months unless the regulator grants an extension. Deposit insurance from the FDIC remains a separate requirement, as does Federal Reserve membership, under the requirements described in the OCC letter.

The OCC documents also confirm several permissions relevant to the bank's prospective institutional clients. Custody of digital assets in a nonfiduciary capacity is treated as a permissible activity for a national bank under 12 USC 24 (Seventh). The bank may receive digital assets as fees from customer transactions, and it may hold digital assets on its balance sheet, as principal, in amounts reasonably needed to pay network gas fees.

Why the charter race matters

For prospective customers, the distinction between conditional and final approval is central. The proposed services remain plans, and deposit insurance is a separate preopening requirement. Related reporting on The Bit Journal examines access to banking for digital-asset businesses.

The conditions cover capital, risk-management, and technology requirements. The OCC retains the authority to modify, suspend, or rescind the preliminary approval before final authorization. The decision does not establish that financing is complete, and the expiry deadlines do not constitute a confirmed commercial launch date.

Key questions answered

What did the OCC approve? Preliminary conditional approval for a de novo full-service national bank charter in Salt Lake City, granted on September 2, 2026. It does not yet permit the bank to open; final and other required approvals remain necessary.

How does this differ from a crypto trust charter? The proposed institution is a full-service insured national bank rather than a limited-purpose trust. Its intended deposit and lending activities remain subject to completion of the charter process.

What are the capital conditions? OpenReserve must raise $210 million in initial paid-in capital and hold a 12 percent Tier 1 leverage ratio for its first three years.

When will OpenReserve open? No final opening date is set by the decision. Approval expires if capital is not raised within 12 months or if the bank does not open within 18 months of September 2, 2026, unless the OCC grants an extension.

Risk disclosure

Preliminary conditional approval is not a final charter, and OpenReserve must still satisfy capital, insurance, and membership requirements before operating. Stablecoin and tokenized deposit products carry regulatory, operational, and market risks, and projected timelines for de novo banks frequently change.