U.S. banking agency gives blockchain bank OpenReserve initial OK to operate

OpenReserve, a fintech company founded by MoneyLion's Dee Choubey, secured preliminary conditional approval from the Office of the Comptroller of the Currency on September 3, 2026, to establish a de novo national bank. The regulatory grant represents a critical juncture for blockchain-native banking infrastructure, as the company now advances toward full charter status while navigating additional regulatory requirements. Choubey characterized the conditional approval as "a privilege our team does not take lightly," framing the subsequent operational phase as "the most demanding phase of the work" ahead.

Concurrent with regulatory approval, venture capital firm Andreessen Horowitz announced it was leading a $25 million seed financing round for OpenReserve. a16z General Partner Guy Wuollet positioned the investment around a stated market gap: the need for financial infrastructure that operates continuously, independent of traditional banking hours and Federal Reserve settlement windows. Wuollet's statement emphasized OpenReserve's value proposition—combining "the regulated credit of a traditional bank with the continuous money movement offered by stablecoins"—as addressing what he characterized as financial infrastructure "stuck in the past."

The OCC approval grants OpenReserve specific operational capabilities aligned with its blockchain-native design. Choubey told Bloomberg News that the charter authorizes the company to issue its own stablecoin and tokenize deposits, enabling instant settlement and money movement directly on blockchain infrastructure. This capability addresses a core operational constraint in traditional finance: the ability to execute transactions and settle funds outside Federal Reserve operating hours, a feature inherent to continuous blockchain networks. Choubey underscored that "the architecture of our core allows interoperability," suggesting the bank's design prioritizes cross-platform compatibility and seamless asset transfer.

The approval reflects a broader regulatory environment shift toward cryptocurrency and blockchain assets. The Federal Reserve, alongside the FDIC and OCC, has recently withdrawn prior restrictive guidance on banks' crypto-asset activities, effectively expanding the operational latitude available to financial institutions seeking to integrate digital asset infrastructure. This regulatory reorientation creates expanded opportunities for banking charters explicitly designed around blockchain settlement and stablecoin issuance, positioning OpenReserve within an emerging category of digitally native financial institutions receiving formal regulatory sanction in the United States.