OpenReserve came out of stealth on Sept. 3, 2026, after the Office of the Comptroller of the Currency granted preliminary conditional approval for its full-service U.S. national bank charter application, co-founder and CEO Dee Choubey said in a post on X. The proposed bank must have at least $210 million in initial paid-in capital, net of organizational and preopening expenses.
The Sept. 2 decision applies to OpenReserve Bank, National Association, a proposed full-service insured national bank with a main office in Salt Lake City and no branches. Organizers submitted the application on April 13, 2026.
The approval does not authorize the bank to open. Final approval depends on meeting the OCC’s preopening requirements. The proposed bank must also apply for Federal Reserve Bank stock and obtain Federal Deposit Insurance Corporation deposit insurance.
Organizers have 12 months from the preliminary approval date to raise the required capital and 18 months to open the bank. The approval expires if either deadline is missed.
The OCC said the bank plans to offer deposits and lending, payments and treasury services, digital asset services, foreign correspondent banking and banking-as-a-service. The company said intended products include traditional and tokenized deposits, lending, treasury management and stablecoin infrastructure.
Choubey said OpenReserve is building toward real-time settlement across fiat and blockchain systems, direct Federal Reserve connectivity, tokenized deposits and payment stablecoin infrastructure designed around the GENIUS Act. The bank also plans a wholly owned subsidiary for issuing, holding, converting and making payments with U.S. dollar-denominated reserve-backed stablecoins. The OCC said an application for the subsidiary has not been filed.
OpenReserve’s website lists 2025 as its founding year. A16z crypto said Choubey founded MoneyLion in 2012 and that it is leading a $25 million OpenReserve seed round. The company also named Jump Capital, Acrew, Coinbase Ventures, Wintermute Ventures, Clocktower, Quona, AAF Management and Zero Knowledge Ventures as seed investors.
Richard Correia is OpenReserve Bank’s co-founder and president. Since 2025, the OCC has received 40 de novo charter applications and approved 21, according to The Block. OpenReserve said any future products remain subject to OCC requirements, final design, customer eligibility and operational readiness.
