Revolut and Andreessen Horowitz-backed crypto banking startup OpenReserve have each received preliminary US regulatory approval to establish national banks, with both companies intending to offer cryptocurrency and stablecoin-related services.
OCC Issues Conditional Approvals
The Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval for Revolut to proceed with a proposed bank in Connecticut and for OpenReserve to establish one in Utah, according to separate decisions published on Wednesday 2 September.
The OCC noted that Revolut seeks its own US bank charter to deliver services at lower cost and with greater efficiency compared to its current model, which depends on Federal Deposit Insurance Corporation (FDIC)-insured partner banks.
What Revolut Plans to Offer
Under the proposed bank, Revolut intends to:
- Provide digital asset custody services
- Allow customers to use crypto assets, including stablecoins, for cross-border transfers
- Offer Revolut-branded stablecoins issued by a third party
OpenReserve’s Blockchain-First Banking Model
Founded in 2025 by MoneyLion founder and former CEO Dee Choubey, OpenReserve is building a blockchain-based bank designed to combine traditional banking services with on-chain financial infrastructure.
OpenReserve’s plans for its Utah-chartered bank include:
- Tokenized deposits
- Digital asset custody
- A subsidiary that would issue US dollar-backed stablecoins, though an application for that subsidiary has not yet been filed
Final Approval Still Required
Neither bank can begin operations until both entities satisfy the OCC’s preopening requirements and secure final regulatory approval. The preliminary conditional approvals represent a significant early step but do not authorise either institution to open its doors.
