Revolut and OpenReserve Win Preliminary OCC Approval for US National Banks

Regulators Clear Way for Crypto-Focused Banks in US

Revolut and OpenReserve have received preliminary approval from US banking regulators to establish national banks. The Office of the Comptroller of the Currency (OCC) granted conditional approval for both companies on Wednesday, clearing a major hurdle for their plans to offer cryptocurrency and stablecoin services.

The OCC decision allows the firms to proceed toward opening a bank in the United States. Revolut's proposed bank would be located in Connecticut, while OpenReserve plans to open its institution in Utah. Both entities must still meet specific pre-opening requirements before receiving final approval to operate.

Key Plans for Digital Assets

• Revolut aims to move away from using FDIC-insured partner banks, seeking to provide services at lower cost and higher efficiency through its own charter.
• The company plans to offer digital asset custody, allowing customers to store cryptocurrencies securely.
• Revolut will enable crypto assets, including stablecoins, for cross-border transfers.
• OpenReserve is building a blockchain-based bank designed to combine traditional banking with tokenized deposits and digital asset services.
• OpenReserve plans to issue a US dollar-backed stablecoin through a subsidiary, though it has not yet filed the necessary application for that unit.

Company Backgrounds

OpenReserve was founded in 2025 by Dee Choubey, the founder and former CEO of MoneyLion. The startup is backed by Andreessen Horowitz, a well-known venture capital firm. Revolut is a global financial technology company that has previously relied on partner banks to offer banking services to its customers in the US.

Next Steps

The banks cannot open until they satisfy all pre-opening requirements set by the OCC and receive final regulatory approval. Until that process is complete, both companies remain in the conditional approval phase.

Why This Matters

The approval signals increasing regulatory openness toward crypto-native businesses operating as traditional US national banks. It allows companies like Revolut and OpenReserve to integrate cryptocurrency and stablecoin services directly into banking infrastructure, potentially making digital assets more accessible to mainstream users.

Sources

• Cointelegraph