Revolut and OpenReserve Receive Preliminary US Bank Approval for Crypto Services
Quick Look
The Office of the Comptroller of the Currency granted preliminary conditional approval to Revolut and crypto banking startup OpenReserve to establish national banks in Connecticut and Utah, respectively, enabling both to offer cryptocurrency custody, stablecoin services, and tokenized deposits pending final approval.
AI-generated summary
Why It Matters
Revolut currently relies on FDIC-insured partner banks for its US operations, while OpenReserve, founded in 2025 by former MoneyLion CEO Dee Choubey, is building a blockchain-based bank to integrate traditional banking with digital asset services.
Revolut and Andreessen Horowitz-backed crypto banking startup OpenReserve have received preliminary US regulatory approval to establish national banks, with both companies planning to offer cryptocurrency and stablecoin-related services.
The Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval for Revolut to move forward with a proposed bank in Connecticut and OpenReserve with one in Utah, according to separate decisions published Wednesday.
The OCC said Revolut wants its own US bank to provide services at lower cost and with greater efficiency than its current model, which relies on Federal Deposit Insurance Corporation (FDIC)-insured partner banks.
Revolut plans to offer digital asset custody and allow customers to use crypto assets, including stablecoins, for cross-border transfers. It also plans to offer Revolut-branded stablecoins issued by a third party.
Founded in 2025 by MoneyLion founder and former CEO Dee Choubey, OpenReserve is building a blockchain-based bank designed to offer traditional banking services alongside tokenized deposits and digital asset services.
OpenReserve plans tokenized deposits, digital asset custody and a subsidiary that would issue US dollar-backed stablecoins, though it has not yet filed an application for the subsidiary.
The banks cannot open until they meet the OCC’s preopening requirements and receive final approval.
What to Watch
AI outlook — possibilities, not facts
Revolut and OpenReserve will receive final OCC approval to operate as national banks within 6-12 months.
Likely · Within months
OpenReserve will file an application for its stablecoin subsidiary within the next 3-6 months.
Possible · Within months
Open Questions
- When will Revolut and OpenReserve submit final applications for their national bank charters?
- Which third parties will issue the Revolut-branded and OpenReserve stablecoins?
- What specific preopening requirements must be met before the banks can begin operations?
