The U.S. Office of the Comptroller of the Currency (OCC) issued Company Decision No. 1389 on September 2, granting preliminary conditional approval to OpenReserve Bank, National Association, proposed to be established in Salt Lake City, Utah, under charter number 27203, as a full-service national bank application, rather than just a trust license.

The approval is based on the application materials and commitments, provided that the bank will purchase shares in the Federal Reserve Bank in accordance with regulations and apply for deposit insurance from the Federal Deposit Insurance Corporation (FDIC). Final authorization to open must meet all pre-opening conditions; prior to that, the OCC may modify, suspend, or withdraw the approval. On the same day, another decision conditionally approved Revolut's national bank application in Connecticut.

Founder Dee Choubey previously founded the consumer finance company MoneyLion, which was sold to Gen Digital for approximately $1.2 billion after going public in 2025. Co-founder Rick Correia has held operational leadership roles at Merrill and Citadel, and has worked with Choubey for nearly a decade. a16z crypto led a $25 million seed round, with follow-on investments from Jump Capital, Coinbase Ventures, and others. a16z describes it as a "bank that never closes," focusing on rebuilding the core system as a layered network to support 24/7 settlement, stablecoins, tokenized deposits, and on-chain capital markets.

The two stated in an a16z program that they aim to connect traditional banking operations and on-chain markets on the same balance sheet when both regulations and blockchain mature, and to turn idle assets like receivables into programmable collateral. The stablecoin initiative is named Reserve USD, promoted as being backed 1:1 by government bonds, discussing scenarios like large redemptions on Sunday afternoons that banks typically do not encounter. The sales side mentioned fronting bankers and institutional sales. This year, the OCC has conditionally approved several crypto-related trust licenses while rejecting some fintech applications; the director stated that it no longer pursues zero risk tolerance, with the standard being "reasonable chances of success."

Market mechanisms indicate that what is being bought is access to the federal balance sheet and deposit insurance eligibility, while what is being sold is a patchwork of state licenses that could lead to weekend shutdowns. Venture capital views the license progress as an infrastructure asset, with funds entering the new bank's capital in Salt Lake City and core systems, rather than creating another layer of unlicensed wallets. Beneficiaries are stablecoin and tokenized issuers that require 24/7 settlement counterparties; those under pressure are custodial banks that still settle on business days, and applicants who have not yet received FDIC approval—conditional approval does not equate to the ability to accept deposits.

Note: A legal letter has been sent to Skadden. Whether the bank can ultimately open depends on the progress of insurance and the Federal Reserve; the OCC has publicly reminded that this is a higher-risk wait.

Source: Public Information