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About OpenReserve
OpenReserve is a blockchain-native bank seeking a US national charter, with a design that puts deposits, lending, payments and custody on a programmable core ledger for round-the-clock settlement instead of weekday batch clearing. It addresses cross-border treasury that still runs through correspondent banks and batch clearing, where arrival time and availability follow business hours. The structure pairs a parent bank that takes deposits and lends with a subsidiary that issues and custodies dollar stablecoins, uses tokenised deposits to move balances between clients, and aligns reserves and redemption with the GENIUS Act; clients are institutions managing cross-border treasury and on-chain settlement, with payments processing, card issuing and correspondent banking in scope.
On 2 September 2026 it received preliminary conditional approval from the OCC, with the charter requiring at least $210 million of paid-in capital before opening and a 12% Tier 1 leverage ratio for three years. Approval and capital thresholds stretch the build-out, a charter means accepting capital rules and on-site examinations, and the stablecoin subsidiary needs a separate application.
In early September 2026 OpenReserve won preliminary conditional approval from the US Office of the Comptroller of the Currency to form a national bank, less than five months after filing in April; it simultaneously closed a $25 million seed round led by a16z crypto with Coinbase Ventures among 11 investors.
OpenReserve's planned businesses include corporate treasury management, stablecoin issuance and tokenised deposits, with the ReserveUSD (rUSD) stablecoin to be issued by subsidiary ReserveUSD, LLC and settled on-chain. The bank is headquartered in Salt Lake City with no branches and still needs FDIC deposit-insurance approval and other pre-opening conditions. Diwakar Choubey is chief executive.
Future strategy and roadmap: OpenReserve has received preliminary conditional OCC approval to organize a national bank and must next satisfy pre-opening review, raise at least 210 million dollars of paid-in capital and obtain FDIC deposit insurance before it can take deposits or lend. Planned services include corporate treasury management, the ReserveUSD stablecoin issued by a subsidiary under the GENIUS Act (application not yet filed) and tokenized deposits, aiming to connect a 24/7 on-chain settlement ledger to capital markets from a branchless Salt Lake City headquarters.
Diwakar Dee Choubey, Founder and CEO, started in consumer fintech, founded MoneyLion in 2013, later sold the company in 2025, then founded OpenReserve Bank that year and secured a conditional OCC charter.
Richard Correia, Co-founder and President COO, started in MoneyLion finance, formerly MoneyLion President and CFO, co-founded OpenReserve in 2025 overseeing operations and product.
David Schwed, CTO, started in information security, formerly BNY Mellon digital-asset technology lead and Robinhood CISO, now leads OpenReserve technology architecture. Jame Sloan, CRO, started in bank supervision, a 21-year veteran examiner at the OCC, now heads OpenReserve risk management and compliance.
OpenReserve recently added two core executives. Dee Choubey joined in May 2026 as Founder and CEO, with a strong fintech background as ex-MoneyLion founder. Jame Sloan joined in the same period as Chief Risk Officer. The company has received conditional OCC approval for a national bank charter and is advancing blockchain-based banking and stablecoin services.
In September 2026, OpenReserve Bank received preliminary conditional approval from the United States Office of the Comptroller of the Currency to form a full-service national bank, covering tokenised deposits, stablecoin issuance and digital asset custody.