US Banking Regulator Grants Conditional Approval to Revolut and OpenReserve for Crypto-Focused Banks
Financial technology companies Revolut and OpenReserve have secured preliminary conditional approval from the OCC to establish national banking institutions that will integrate digital asset custody and stablecoin-related offerings into their service portfolios.
Financial technology firm Revolut and OpenReserve, a cryptocurrency banking venture supported by Andreessen Horowitz, have secured preliminary conditional approval from US banking regulators to launch national banking institutions, with both entities intending to provide cryptocurrency and stablecoin-focused financial services.
According to separate regulatory decisions made public on Wednesday, the Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval for Revolut's proposed banking institution in Connecticut and for OpenReserve's planned bank in Utah.
According to the OCC, Revolut is seeking to establish its own banking entity in the United States to deliver services with reduced costs and improved operational efficiency compared to its existing operational framework, which currently depends on partnerships with banks insured by the Federal Deposit Insurance Corporation (FDIC).
The company intends to provide digital asset custody capabilities and enable its customers to utilize cryptocurrency assets, including stablecoins, for international money transfers. Additionally, Revolut has outlined plans to make available stablecoins bearing the Revolut brand that would be issued by a third-party entity.
Established in 2025 by Dee Choubey, the founder and former chief executive officer of MoneyLion, OpenReserve is developing a blockchain-powered banking institution engineered to deliver conventional banking products along with tokenized deposit accounts and digital asset management services.
The company's strategic roadmap includes tokenized deposit products, custody services for digital assets, and a subsidiary organization that would be responsible for issuing stablecoins backed by US dollars, although the company has not yet submitted a regulatory application for this subsidiary entity.
Both banking institutions will be prohibited from commencing operations until they satisfy all of the OCC's preopening requirements and obtain final regulatory approval.