Twenty-one financial institutions across North America, Europe, Asia, the Middle East and Africa said on Sept 1 they will form a jointly owned company to issue a reserve-backed US dollar stablecoin on public blockchains in the first half of 2027, with a euro token to follow.
The Office of the Comptroller of the Currency granted OpenReserve Bank preliminary conditional approval on Sept 2, less than five months after it applied. The Salt Lake City bank must raise at least $210 million and hold a 12% Tier 1 leverage ratio for three years.
The SEC's Sept 1 proposal would let registered transfer agents keep the official record of share ownership on a blockchain, rescinding one legacy rule and adding two, with a 60-day comment period. It is the first major rewrite since the 1980s.
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