Revolut and OpenReserve Secure Preliminary US Regulatory Approval for National Banks, Paving the Way for Crypto and Stablecoin Services

In a significant development for the intersection of traditional finance and digital assets, the Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval to two prominent fintech companies, Revolut and OpenReserve, to establish national banks in the United States. This landmark decision signals a growing acceptance of crypto-native and crypto-friendly banking models within the established regulatory framework. Both companies have articulated ambitious plans to leverage their national bank charters to offer a suite of services that integrate cryptocurrency and stablecoin functionalities, potentially reshaping how consumers and businesses interact with digital currencies and traditional banking.

The OCC, a bureau of the U.S. Department of the Treasury, issued separate decisions on Wednesday detailing the preliminary approvals. Revolut’s proposed national bank is slated to be established in Connecticut, while OpenReserve’s will be based in Utah. These approvals are conditional and represent a crucial initial step; both entities must successfully navigate a series of preopening requirements and secure final approval from the OCC before they can officially commence operations as federally chartered national banks.

For Revolut, the move towards establishing its own US bank is driven by a strategic imperative to enhance service delivery. The company currently operates in the U.S. by partnering with Federal Deposit Insurance Corporation (FDIC)-insured partner banks. However, Revolut has stated that launching its own national bank is intended to facilitate services at a lower cost and with greater operational efficiency compared to its existing model. This suggests a desire for greater control over its infrastructure and a more direct pathway to innovation.

Revolut’s proposed banking services are set to encompass a range of digital asset offerings. Notably, the company plans to provide digital asset custody, enabling customers to securely store their cryptocurrencies. Furthermore, Revolut aims to empower its users to utilize crypto assets, including stablecoins, for cross-border transfers, a feature that could significantly streamline international remittances and payments. In a further integration of digital assets, Revolut also intends to offer its own branded stablecoins, which would be issued by a third-party entity. This move positions Revolut to not only facilitate the use of existing stablecoins but also to potentially influence the stablecoin market with its own regulated offerings.

OpenReserve, on the other hand, emerges from the venture capital world, notably backed by Andreessen Horowitz (a16z), a prominent Silicon Valley venture capital firm with a significant focus on cryptocurrency and Web3 technologies. Founded in 2025 by Dee Choubey, the visionary behind MoneyLion, a successful fintech company, OpenReserve is conceptualized as a blockchain-based bank. Its core mission is to seamlessly blend traditional banking services with innovative digital asset solutions, including tokenized deposits and broader digital asset services. This foundational approach suggests a deep integration of blockchain technology into the very fabric of its banking operations.

The specific plans for OpenReserve’s national bank charter include the offering of tokenized deposits, which represent traditional bank deposits converted into digital tokens on a blockchain. This could offer enhanced transparency, liquidity, and programmability for depositors. Complementing this, OpenReserve intends to provide digital asset custody services, mirroring Revolut’s plans. A key differentiator for OpenReserve is its intention to establish a subsidiary specifically dedicated to issuing US dollar-backed stablecoins. While this subsidiary has not yet filed a formal application with the OCC, its planned existence underscores OpenReserve’s commitment to being a direct issuer and participant in the stablecoin ecosystem.

The preliminary approval from the OCC is a testament to the evolving regulatory landscape in the United States concerning digital assets and banking. For years, the regulatory environment for cryptocurrencies has been characterized by uncertainty and a cautious approach. However, recent developments, including the OCC’s interpretive letters and guidance on digital assets and national banks, have signaled a more open stance. The granting of preliminary approvals to companies like Revolut and OpenReserve suggests that regulators are increasingly willing to consider and facilitate the integration of these technologies within the regulated financial system, provided that robust risk management and consumer protection measures are in place.

The OCC’s role in this process is critical. As the primary regulator of national banks, it scrutinizes applications to ensure that prospective institutions meet stringent capital, liquidity, and operational requirements, as well as demonstrating a commitment to compliance and consumer protection. The "preliminary conditional approval" means that the OCC has reviewed the initial proposals and found them to be sufficiently sound to warrant further development, but significant hurdles remain before final authorization. These hurdles typically involve demonstrating the viability of the business model, the robustness of technological infrastructure, the adequacy of risk management frameworks, and the fitness of the management team.

The implications of these approvals extend beyond Revolut and OpenReserve. They represent a potential paradigm shift for the broader financial industry. The ability for fintech companies with deep ties to cryptocurrency to establish national banks could accelerate the adoption of digital assets by a wider consumer base. It may also spur traditional banks to further explore and integrate similar offerings to remain competitive. The prospect of stablecoins being issued by regulated entities and utilized for everyday transactions, such as cross-border transfers, could enhance efficiency and reduce costs for many users.

Furthermore, the involvement of a venture capital firm like Andreessen Horowitz in OpenReserve highlights the continued significant investment and belief in the long-term potential of blockchain-based financial services. Their backing suggests a strategic vision for a future where digital assets are not merely speculative instruments but integral components of the financial infrastructure.

It is important to note that the journey to full operational status is complex and lengthy. The OCC’s final approval will be contingent on the successful fulfillment of all preopening requirements. This includes demonstrating that the banks have adequate capital, sound management, robust internal controls, and compliance programs that meet all federal banking laws and regulations. The OCC will also be closely monitoring the development and deployment of the proposed crypto and stablecoin services to ensure they align with regulatory expectations and do not pose undue risks to the financial system or consumers.

The news also comes at a time when other established financial institutions are exploring stablecoin initiatives. A recent report indicated that 21 financial institutions, including major players like Bank of America, Citi, and Goldman Sachs, are planning a stablecoin launch. This broader trend underscores a growing consensus within the financial sector that stablecoins, when properly regulated and implemented, can play a valuable role in the future of payments and finance.

In conclusion, the preliminary OCC approvals granted to Revolut and OpenReserve are pivotal moments for the fintech and cryptocurrency sectors. They signal a significant step forward in the integration of digital assets into mainstream financial services, facilitated by regulated national banking charters. While final approval is still pending, these developments pave the way for innovative banking models that could offer greater efficiency, lower costs, and novel services to consumers and businesses, particularly in the realm of cryptocurrency and stablecoin utilization. The success of these ventures will undoubtedly be closely watched by regulators, industry participants, and the public alike as they navigate the evolving landscape of digital finance.