Revolut, OpenReserve get preliminary US bank approval with crypto plans
Revolut and OpenReserve received preliminary OCC approval to form US national banks, with both planning cryptocurrency and stablecoin-related services.
Revolut and OpenReserve have obtained preliminary approval from the Office of the Comptroller of the Currency (OCC) to establish US national banks, with both companies aiming to provide cryptocurrency and stablecoin services. The OCC granted conditional approval for Revolut to proceed with a bank in Connecticut and OpenReserve for one in Utah.
Revolut intends to offer digital asset custody and enable customers to utilize crypto assets, such as stablecoins, for cross-border transactions. Additionally, the company plans to issue Revolut-branded stablecoins issued by a third party. OpenReserve, founded in 2025 by former MoneyLion CEO Dee Choubey, is developing a blockchain-based bank that will provide conventional banking services along with tokenized deposits and digital asset functionalities.
The startup intends to offer tokenized deposits, digital asset custody, and a subsidiary that will issue US dollar-backed stablecoins, although the subsidiary has not yet filed for approval. Both banks will need to fulfill the OCC’s pre-opening requirements and receive final approval before they can commence operations.
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