The U.S. Office of the Comptroller of the Currency has granted preliminary approval for OpenReserve's application to establish a national bank. Before operations can commence, the company must secure at least $210 million in initial capital and maintain a Tier 1 leverage ratio of no less than 12% during its first three years.
OpenReserve intends to provide traditional banking services alongside tokenized deposits and digital asset custody. A separate subsidiary will be responsible for the issuance and servicing of dollar-backed stablecoins, although the regulator has not yet received an application for this entity. Previously, the startup raised $25 million in a funding round led by a16z crypto.