OCC conditionally approves OpenReserve national bank application
The Office of the Comptroller of the Currency granted preliminary conditional approval for Andreessen Horowitz-backed OpenReserve to form a full-service national bank, subject to sizable capital and regulatory milestones. OpenReserve, founded in 2025 by Diwakar Choubey and Richard Correia and backed by a $25 million seed round led by a16z crypto, must raise at least $210 million in initial paid-in capital net of expenses and keep a Tier 1 leverage ratio of at least 12% for its first three years. The planned services include tokenized deposits, digital asset custody, and a wholly owned subsidiary intended for U.S. dollar reserve-backed stablecoin issuance, though that subsidiary has not filed an application; the bank must also meet OCC preopening requirements and obtain FDIC insurance and Federal Reserve Bank stock before commencing operations.
OpenReserve must raise $210 million and meet a 12% Tier 1 ratio.
Context
The OCC has recently issued several conditional approvals to crypto-focused firms. OpenReserve now needs final OCC clearance and regulator approvals like FDIC insurance. If conditions are met, the firm could start bank operations and later…
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