OpenReserve, a banking startup founded by former MoneyLion executives, has received preliminary approval from the Office of the Comptroller of the Currency for a national bank charter, marking a significant step toward establishing a federally regulated banking platform built around blockchain infrastructure.
The approval remains conditional, with OpenReserve still required to secure Federal Deposit Insurance Corporation insurance through a pending application before it can move forward with the charter. The company also intends to operate without traditional physical bank branches, relying instead on digital infrastructure to deliver its services.
OpenReserve is developing a federally licensed bank designed to operate around the clock on blockchain rails, combining digital-asset services with traditional banking capabilities.
The company raised $25 million in a seed financing round in April led by a16z crypto. Jump Capital, Acrew, Coinbase Ventures, Clocktower, Quona and AAF Management also participated in the funding. OpenReserve has not disclosed the valuation assigned to the company following the financing.
Bank Plans Stablecoin and Tokenized Deposits
A central part of OpenReserve’s strategy is the development of its own stablecoin. The OCC’s preliminary approval provides a regulatory path for the bank to issue the digital dollar-linked asset, which Chief Executive Officer Dee Choubey said would be designed to support transactions and settlement outside conventional banking hours.
The proposed system is intended to address limitations associated with traditional banking infrastructure, particularly the periods when the Federal Reserve’s payment and settlement window is unavailable. By using blockchain rails, OpenReserve aims to enable money movement and settlement continuously rather than restricting activity to conventional banking schedules.
The company also plans to tokenize deposits, allowing customers to move and settle funds on-chain. In addition, OpenReserve intends to accept other stablecoins as collateral, subject to compliance with the requirements of the GENIUS Act framework.
The strategy could position the startup as infrastructure connecting traditional U.S. dollar banking with digital assets. Its proposed services are expected to cover access to dollars, fiat currency, stablecoins, and U.S. Treasury-related capabilities, giving businesses a broader set of tools for managing and transferring dollar-denominated assets.
Regulatory Framework at the Core of Strategy
OpenReserve President and co-founder Richard Correia previously served as president and chief financial officer at MoneyLion. He also has experience at Merrill Lynch and Citadel.
Correia has indicated that establishing the company within a defined regulatory framework from the beginning is central to its approach. The startup plans to operate as a regulated bank and broker-dealer while maintaining a clearly defined structure governing its stablecoin.
See more of what we are building: https://t.co/4YDTCsi73T https://t.co/WiHYYIkUbX
— OpenReserve (@OpenReserveBank) September 3, 2026
The company is positioning regulatory oversight, banking authorization, and a defined stablecoin framework as key elements of its compliance and trust strategy.
This approach reflects a growing effort among fintech and cryptocurrency-related companies to secure direct access to regulated U.S. banking infrastructure. Obtaining a national charter could provide OpenReserve with a foundation for expanding financial services while operating under federal supervision.
Growing Competition for U.S. Bank Charters
OpenReserve’s application comes as several financial technology and digital-asset companies pursue U.S. banking licenses. Nu Holdings recently received preliminary OCC approval for a national bank charter, while Revolut disclosed conditional approval during the same week.
A cryptocurrency venture associated with the Trump family has also received preliminary conditional approval for a national trust bank charter.
The developments point to increasing interest in combining regulated banking operations with blockchain-based financial infrastructure. For OpenReserve, however, the next major milestone remains obtaining FDIC insurance and satisfying the conditions attached to its preliminary OCC approval.
If those requirements are completed, the company could advance its plan to provide continuous, blockchain-based dollar infrastructure to businesses without relying on a conventional branch network.
