OpenReserve is one step closer to launching a national bank after receiving preliminary approval from the U.S. Office of the Comptroller of the Currency. The firm must now raise a minimum of $210 million in initial capital and adhere to a Tier 1 leverage ratio of at least 12% for its first three years of operation.
The bank aims to offer a blend of conventional banking services along with innovative features such as tokenized deposits and digital asset custody. Additionally, a separate subsidiary will handle the issuance and management of dollar-backed stablecoins, although this entity has yet to submit an application to regulators. OpenReserve previously secured $25 million in funding, with a significant investment from a16z crypto.
