According to CoinMeta, OpenReserve received preliminary conditional approval from the US Federal Reserve (OCC) on September 2nd, and plans to establish a full-service national bank in Salt Lake City, Utah. This approval does not yet allow OpenReserve to commence banking operations; the company must meet the requirements for capital, governance, security, and compliance before it can obtain final authorization. OpenReserve intends to offer deposit products, commercial and retail loans, financial management, payment, and foreign exchange brokerage services, with deposit products possibly including tokenization features. The bank also plans to enable customers to use stablecoins for cross-border remittances through its subsidiaries. OCC requires OpenReserve to raise at least $210 million in initial capital within 12 months and to start banking operations within 18 months, otherwise the approval will lapse.