The Office of the Comptroller of the Currency (OCC) of the United States has given preliminary "green light" to OpenReserve's application to register as a national bank. This is a significant step for the project, which intends to integrate digital assets into traditional banking infrastructure. However, before a full launch, the company must meet strict regulatory requirements: raise initial capital of at least $210 million, and maintain a Tier 1 leverage capital adequacy ratio of no less than 12% during the first three years of operations. These parameters underscore the seriousness of the OCC's intentions regarding oversight of new players at the intersection of fiat and cryptocurrency markets.
OpenReserve's business model looks ambitious: it plans to offer a classic range of banking services — from checking accounts to lending — alongside tokenized deposits and custodial storage of digital assets. This will allow clients to interact with crypto instruments without needing to step outside the regulated banking environment. Of particular interest is the planned issuance of stablecoins backed by the U.S. dollar: for these purposes, a separate subsidiary is expected to be created, but its application has not yet been submitted to the regulator. Clearly, OpenReserve seeks to separate risks and emphasize operational transparency, which could become a key factor of trust from institutional investors.
Earlier, the startup had already raised $25 million in a funding round led by a16z crypto, indicating support from major venture players specializing in blockchain technologies. The preliminary approval from the OCC is not only recognition of the viability of the model but also a signal to the entire market: American regulators are gradually opening doors for hybrid financial institutions that combine traditional and digital assets.
My analysis: The capital and liquidity requirements set by the OCC are not just a formality but a clear signal that the regulator will view such projects from the perspective of systemic risk. OpenReserve's success could set a precedent that accelerates the emergence of similar banks, but only for those willing to meet high standards of transparency and financial stability.