1389

Don’t mistake “Preliminary Conditional Approval” for “You can open an account tomorrow.”

On September 2 in the U.S. East, the OCC issued Corporate Decision 1389:
The proposed OpenReserve Bank, N.A. (Salt Lake City, Utah) received the green light—but it was only a preliminary conditional approval.

After checking (the OCC letter, cross-referenced with Coindoo / Dongqu):
It’s not that soft-track path for trust companies; it’s a full-service national bank.
The business description includes deposits, loans, payments, treasury services, and tokenized deposit capabilities.
For stablecoins, it intends to proceed through a wholly owned subsidiary; the letter specifies: the subsidiary’s application has not yet been submitted.

There are also hard conditions on the table.
The initial net paid-in capital must be at least USD 210 million.
For the first three years of operations, the Tier 1 leverage ratio must be no less than 12%.
It must also obtain FDIC deposit insurance and apply for Federal Reserve membership shares.
If it can’t raise the required capital within 12 months, or can’t open within 18 months, this approval will expire.

I think the information in this news is about “a regulatory gap has opened,” not “a crypto bank is already operating.”
Preliminary conditional approval ≠ final approval, and it doesn’t mean ordinary people can just go deposit money.

I also quickly checked the current price: Coinbase Spot BTC ≈ 81079 / ETH ≈ 2530 (17:15 Beijing time, September 4).
Don’t mix this up with tonight’s Nonfarm Payrolls.

Source: OCC Corporate Decision #1389 (2026-09-02).
Not investment advice.