OpenReserve just scored preliminary approval from the US Office of the Comptroller of the Currency (OCC) to launch a national bank. Before it can open its doors, the company needs to raise at least $210 million in starting capital and keep its Tier 1 leverage ratio at or above 12% for the first three years.

What’s on Offer?

OpenReserve plans to roll out traditional banking services alongside tokenized deposits and digital asset custody.

Stablecoins Get Their Own Subsidiary

The company’s USD-backed stablecoin issuance and management will be spun out into a separate subsidiary. The OCC hasn’t received an application for this entity yet.

Funding Round

Previously, the startup raised $25 million in funding.