Andreessen Horowitz-backed OpenReserve wins preliminary OCC nod for national bank charter

Andreessen Horowitz-backed OpenReserve Holdings secured preliminary approval from the Office of the Comptroller of the Currency for a national bank charter centered on onchain settlement, The Block reported Thursday. Market data shows the conditional green light follows a $25 million seed round led by a16z crypto and marks the first time the OCC has advanced a national bank application explicitly designed for blockchain-based settlement infrastructure. Preliminary approval permits OpenReserve to organize, hiring staff, securing office space, and building compliance programs, but does not authorize deposit-taking or lending until the OCC grants a full charter. **The charter mechanism** A national bank charter subjects OpenReserve to the same supervisory regime as JPMorgan Chase or Bank of America: OCC examinations, Federal Reserve oversight, FDIC insurance eligibility, and access to the Fed's payment rails including Fedwire and the upcoming FedNow instant settlement service. The difference is the core business model, settling transactions on public blockchains rather than through traditional correspondent banking networks. OpenReserve has not disclosed which chains it will support or whether it will issue its own stablecoin. The OCC's 2021 interpretive letter 1179 permits national banks to use independent node verification networks (INVNs) and stablecoins for payment activities, provided they manage the associated risks. **Capital and conditioning** Per market reports, the OCC typically requires de novo national banks to hold $20, 50 million in initial capital depending on business complexity. OpenReserve's $25 million seed round meets the floor, but the regulator will stress-test the capital plan against crypto-market volatility, smart-contract risk, and concentration exposure before granting final approval. Conditional approvals historically take 12, 18 months to convert to full charters. Anchorage Digital Bank and Protego Trust Bank received preliminary nods in 2021 and 2022 respectively; both remain in the organizing phase as of September 2026. **Why the OCC moved now** Acting Comptroller Rodney Hood has signaled openness to "responsible innovation" in bank-permissible activities since taking office in February. The OCC's 2025 annual report cited "growing demand for digital-asset custody and settlement services" as a supervisory priority. OpenReserve's application arrived amid renewed congressional attention on market-structure legislation that could codify a federal framework for payment stablecoins. **What happens next** OpenReserve must now satisfy the OCC's conditions: a finalized business plan, board appointments, anti-money-laundering and know-your-customer programs, third-party risk management for blockchain infrastructure, and a contingency funding plan. The OCC will conduct a pre-opening examination before issuing the charter. No timeline for final approval has been published.