The American regulator — the Office of the Comptroller of the Currency (OCC) — has taken an important step toward integrating digital assets into the traditional banking system. OpenReserve, which specializes in crypto-banking, has received conditional approval to establish a national bank. This event signals a softening of the authorities' stance toward hybrid financial models that combine classical banking operations with blockchain technologies.
However, the path to a full launch is not yet complete. According to my data, the company is required to raise at least $210 million as starting capital. Moreover, during the first three years of operation, the bank must maintain a Tier 1 leverage ratio of no less than 12%. This is a strict requirement, significantly exceeding standard norms for traditional banks, which underscores the heightened risk the regulator sees in operations with digital assets.
Hybrid model and stablecoins
OpenReserve's business plan involves providing standard banking services — from checking accounts to lending — combined with tokenized deposits and custodial storage of crypto assets. This approach could become a bridge between the fiat and digital economies, attracting institutional clients seeking regulated ways to work with blockchain.
I will separately note that the company's structure includes a subsidiary for issuing and servicing stablecoins backed by the US dollar. But at this point, the regulator has not received a corresponding application for its approval. This means that plans to issue its own stablecoin remain at the development stage, and their implementation will require additional approvals.
The startup's financial safety cushion has already been partially formed: earlier, OpenReserve raised $25 million in a funding round led by the venture fund a16z crypto. Nevertheless, to reach the required $210 million, the company faces serious work with investors.
My analysis: This is a precedent that could accelerate the legalization of crypto-banking in the US. The OCC's conditions — high capital and strict ratios — are clearly designed to weed out weak players and protect the system from potential shocks. If OpenReserve successfully passes the capitalization stage, we could see a wave of similar applications from other crypto companies. However, the delay in filing the application for the stablecoin subsidiary hints at the complexity of negotiations with the regulator on this matter.