Revolut and crypto banking startup OpenReserve have received preliminary conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish national banks, with both companies planning to incorporate cryptocurrency and stablecoin services into their proposed banking models.
The OCC approved Revolut’s proposed national bank in Connecticut and OpenReserve’s proposed institution in Utah in separate decisions published Wednesday. However, neither bank can begin operations until the companies satisfy the regulator’s preopening requirements and receive final approval.
Revolut Plans Crypto Custody and Stablecoin Services
The OCC said Revolut is seeking its own US national bank to reduce costs and improve operational efficiency compared with its current model, which depends on FDIC-insured partner banks.
Under its proposed banking structure, Revolut plans to offer digital asset custody and allow customers to use cryptocurrencies, including stablecoins, for cross-border transfers.
The company also plans to offer Revolut-branded stablecoins issued by a third-party issuer, expanding its ambitions in the digital payments and digital asset markets.
The proposed bank would give Revolut greater control over its US financial infrastructure while potentially allowing the company to integrate traditional banking services more closely with its cryptocurrency offerings.
Open Reserve Targets Tokenized Banking
OpenReserve, a crypto-focused banking startup backed by Andreessen Horowitz, is pursuing a different but complementary model.
Founded in 2025 by MoneyLion founder and former CEO Dee Choubey, OpenReserve is developing a blockchain-based banking platform designed to combine traditional financial services with tokenized deposits and digital asset infrastructure.
Its proposed US bank would offer digital asset custody and tokenized deposits, while the company also plans to establish a separate subsidiary focused on issuing US dollar-backed stablecoins.
OpenReserve has not yet submitted an application for that stablecoin-issuing subsidiary, according to the OCC decision.
The model reflects the company’s broader effort to connect conventional banking with blockchain-based financial products, potentially allowing customers and institutions to interact with tokenized forms of money alongside traditional financial services.
Preliminary Approval Does Not Mean the Banks Can Launch Yet
The OCC’s decisions represent an important regulatory milestone, but they do not constitute final authorization to begin banking operations.
Both companies must first complete the OCC’s preopening requirements, after which the regulator will determine whether they can receive final approval.
Until that process is completed, Revolut and OpenReserve cannot be treated as fully operational national banks.
The preliminary approvals nevertheless highlight growing regulatory interest in financial institutions that combine traditional banking with cryptocurrency custody, stablecoins, tokenized deposits and blockchain-based payments.
For Revolut, the proposed bank could provide greater control over its US operations and digital asset infrastructure. For OpenReserve, the approval represents an early step toward its vision of a blockchain-native bank built around tokenized financial assets.
The next major milestone for both companies will therefore be final OCC approval and the completion of their required preopening conditions.
