**[OpenReserve Receives Preliminary Approval for Full-Service National Bank, Must Raise $210 Million and Maintain 12% Tier 1 Leverage Ratio]** Odaily Planet Daily reports that blockchain-native fintech startup OpenReserve received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) on September 2 to establish a full-service national bank in Salt Lake City, Utah. The approval process took less than five months, with OpenReserve submitting its application on April 13. OpenReserve is required to raise at least $210 million in initial paid-in capital within 12 months and maintain a minimum 12% Tier 1 leverage ratio for three years after opening. Additionally, the company must commence operations within 18 months, or the approval will expire. The respective deadlines are September 2027 and March 2028. OpenReserve plans to offer tokenized deposits, fund management, foreign correspondent banking, and banking-as-a-service for institutional clients. Upon final approval of the full-service national bank charter, the company will be able to engage in deposit-taking and lending activities. Previously, OpenReserve completed a $25 million seed funding round led by a16z crypto, with participation from Coinbase Ventures, Jump Capital, and Wintermute Ventures. The company also intends to establish a wholly-owned subsidiary to issue and redeem USD-denominated, reserve-backed stablecoins, though this subsidiary has not yet submitted an application to the OCC. (Decrypt)