Revolut and OpenReserve Receive Preliminary OCC Approval for US National Banks with Crypto Ambitions
Revolut and crypto banking startup OpenReserve, backed by Andreessen Horowitz, have secured preliminary conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish national banks. Both companies aim to offer cryptocurrency and stablecoin-related services, including cross-border transfers and custody solutions. Revolut intends to set up a bank in Connecticut, while OpenReserve targets Utah. Final approval awaits completion of OCC’s preopening requirements.
OCC’s Preliminary Approval and Revolut’s Plans
The US Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval for Revolut to open a national bank in Connecticut, as detailed in a separate decision published on Wednesday.
Revolut aims to establish its own US bank to reduce costs and improve efficiency compared to its current operating model, which relies on partnerships with Federal Deposit Insurance Corporation (FDIC)-insured banks.
The new bank is planned to provide digital asset custody and enable customers to utilize cryptocurrencies, including stablecoins, for cross-border transfers. Additionally, Revolut intends to offer branded stablecoins issued by a third party.
OpenReserve: Blockchain-Based Bank Backed by Andreessen Horowitz
Founded in 2025 by Dee Choubey, the founder and former CEO of MoneyLion, OpenReserve is a crypto banking startup building a blockchain-based bank that combines traditional banking services with digital asset and tokenized deposit offerings.
The OCC separately granted OpenReserve preliminary conditional approval to establish a national bank in Utah.
OpenReserve’s business model includes plans for tokenized deposits, digital asset custody, and a subsidiary that would issue US dollar-backed stablecoins, though no application for the subsidiary has yet been filed.
Next Steps and Conditions for Bank Openings
Despite receiving preliminary approvals, neither Revolut nor OpenReserve can commence operations until they meet the OCC’s preopening requirements and secure final authorization.
This stage marks a significant milestone, but the full launch of these banks depends on satisfying stringent regulatory conditions.
Why it matters
This development represents a significant advancement in integrating cryptocurrency services within the traditional US banking sector. The OCC’s preliminary approval of Revolut and OpenReserve signals growing regulatory acceptance of digital assets and stablecoins at a national level. It could pave the way for broader adoption of blockchain technologies and crypto products in banking, potentially enhancing accessibility and convenience of crypto services for a wider audience. However, the ultimate approval and operational launch will reveal how well this new model aligns with existing regulations.
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