Key Points

• The OCC has granted preliminary conditional approval for Revolut and crypto banking startup OpenReserve to establish national banks in the United States.
• Revolut plans to offer digital asset custody, stablecoin-enabled cross-border transfers and Revolut-branded stablecoins issued by a third party.
• OpenReserve plans to combine traditional banking with tokenized deposits, digital asset custody and a future subsidiary focused on US dollar-backed stablecoins.

OCC Clears Path for Two Crypto-Friendly Banks

Revolut and Andreessen Horowitz-backed OpenReserve have received preliminary conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish national banks, marking another step toward integrating cryptocurrency services with federally regulated banking.

The OCC issued separate decisions Wednesday approving Revolut’s proposed bank in Connecticut and OpenReserve’s proposed institution in Utah.

The approvals remain conditional. Neither company can begin operating its proposed national bank until it satisfies the OCC’s preopening requirements and receives final approval.

The development reflects growing interest among fintech and crypto companies in obtaining direct access to the US banking system rather than relying exclusively on established financial institutions.

Revolut Plans Crypto Custody and Stablecoin Services

Revolut is seeking its own US national bank partly to provide banking services more efficiently and at lower cost than its current structure, which relies on FDIC-insured partner banks, according to the OCC.

The proposed bank would also expand Revolut’s digital asset capabilities.

The company plans to provide cryptocurrency custody and allow customers to use digital assets, including stablecoins, for cross-border transfers. Revolut also intends to offer stablecoins carrying its brand name, although the tokens would be issued by a third party.

The strategy would bring cryptocurrency functionality closer to Revolut’s broader financial-services platform while placing those activities within a proposed federally regulated banking structure.

OpenReserve Targets Tokenized Banking

OpenReserve is taking a more blockchain-focused approach.

Founded in 2025 by MoneyLion founder and former CEO Dee Choubey, the Andreessen Horowitz-backed startup is developing a blockchain-based banking model intended to combine conventional banking services with digital assets and tokenized deposits.

Its proposed national bank would offer tokenized deposits and digital asset custody. OpenReserve also plans to establish a subsidiary that would issue US dollar-backed stablecoins.

The company has not yet submitted an application for that stablecoin subsidiary, meaning the planned issuance business remains a future component of its broader strategy rather than an approved operation.

The model illustrates how traditional banking infrastructure could increasingly be combined with blockchain-based representations of deposits and other digital assets.

National Bank Charters Carry Regulatory Significance

Obtaining a national bank charter would give both companies a federally supervised banking structure, although the preliminary approvals do not represent permission to immediately launch their planned operations.

The OCC’s preopening requirements must still be satisfied before either institution can open, followed by final regulatory approval.

For crypto-focused businesses, the distinction is particularly important. A preliminary charter approval establishes a regulatory pathway, but it does not automatically authorize every proposed cryptocurrency or stablecoin activity.

The plans nevertheless demonstrate the increasing willingness of fintech and crypto companies to pursue regulated banking structures for digital asset services.

Stablecoins Move Closer to Banking Infrastructure

Both applications place stablecoins at the center of their future strategies, although through different approaches.

Revolut plans to use stablecoins for cross-border transfers and offer branded stablecoins through a third-party issuer. OpenReserve intends to build a dedicated subsidiary for issuing US dollar-backed stablecoins while also incorporating tokenized deposits into its banking model.

The overlap points to a broader convergence between payments, banking and blockchain infrastructure. Stablecoins can provide a blockchain-based mechanism for moving dollar-denominated value, while tokenized deposits seek to represent traditional bank liabilities onchain.

For regulated institutions, the challenge will be balancing the efficiency and programmability of digital assets with capital, compliance, custody and risk-management requirements associated with banking.

Outlook

The preliminary OCC approvals for Revolut and OpenReserve signal continued movement toward regulated banking models that incorporate digital assets and stablecoins. Neither institution has reached the point of opening its proposed bank, but their plans illustrate two distinct approaches: Revolut is extending an established fintech platform into federally regulated banking, while OpenReserve is designing a blockchain-native bank around tokenized deposits and digital assets. The next milestone will be whether both companies can satisfy the OCC’s conditions and obtain final approval.