US Regulator Grants Preliminary Charter to Blockchain-Focused Bank OpenReserve

The Office of the Comptroller of the Currency has granted a provisional charter to OpenReserve Bank, a blockchain focused institution backed by several major crypto investment firms. Unlike many recently approved trust company charters, OpenReserve opted to pursue a full national bank charter, positioning itself as a complete banking service provider with built-in onchain settlement capabilities.

The Salt Lake City based company said it plans to serve institutional clients across treasury management, stablecoin issuance and tokenized deposits, operating in line with recently established federal stablecoin regulations. The company’s leadership emphasized that regulatory oversight and compliance are central to its business model rather than obstacles to overcome.

Strong Backing From Crypto Investment Firms

OpenReserve is supported by a wide range of prominent crypto-focused investors, who have highlighted the appeal of building a banking system capable of operating continuously, unlike traditional banks with limited operating hours. The company submitted its application to banking regulators earlier this year and still requires final approval before receiving a permanent charter.

Broader Shift Toward Crypto-Friendly Banking Policy

This approval reflects a broader trend of regulators becoming more open to crypto native financial institutions in recent years, following a period of strained relationships between the crypto industry and traditional banks. On the same day, regulators also granted a separate conditional banking charter to a well-known international fintech company planning to operate out of Connecticut.