Revolut, OpenReserve get preliminary US bank approval with crypto plans

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.

Related: BofA, Citi, Goldman Sachs among 21 institutions planning stablecoin launch