Skadden advised OpenReserve on its conditional approval from the Office of the Comptroller of the Currency (OCC) to charter OpenReserve Bank, N.A., a full-service national bank. The bank will be designed as a full-service national bank that brings native onchain settlement into the perimeter of federally supervised banking. Its intended offerings include commercial and retail lending products, a treasury management platform, traditional and tokenized deposit products, and stablecoin infrastructure that is built for global capital markets and designed to comply with the GENIUS Act.
The Skadden team included Mark Chorazak, Jeff Brill, Michael Reed, Jeremy Winter and Michael Wiseman.