Andreessen Horowitz-backed OpenReserve Bank has received preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) to become a full-service national bank.
The OCC said OpenReserve must raise at least $210 million in initial capital and maintain a Tier 1 leverage ratio of at least 12% during its first three years.
Founded in 2025, OpenReserve plans to offer traditional banking services alongside tokenized deposits, digital asset custody, payments and treasury services. The bank is being built around an onchain settlement system.
OpenReserve also plans to create a wholly owned subsidiary to issue, hold and process U.S. dollar-backed stablecoins. The subsidiary has not yet applied for regulatory approval.
The company previously raised $25 million in a seed round led by a16z crypto, with participation from Jump Capital, Coinbase Ventures, Wintermute Ventures and other investors.
OpenReserve still needs to meet the OCC’s pre-opening requirements and receive final approval before starting operations. It is also expected to obtain FDIC deposit insurance and apply for Federal Reserve Bank membership.
The approval comes as U.S. regulators increasingly allow crypto-focused firms to seek national bank charters. The OCC has issued conditional approvals to companies including Coinbase, Paxos, BitGo, Ripple and Circle.
The trend has also drawn criticism from lawmakers who argue that crypto companies could use bank charters to expand beyond the activities allowed under federal banking rules.
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