OCC grants Revolut and OpenReserve initial approval to launch crypto banks in US

Regulatory progress for crypto banks

The Office of the Comptroller of the Currency (OCC) issued conditional preliminary approvals for the two firms on Wednesday. According to the decisions, Revolut’s proposed national bank would be located in Connecticut, while OpenReserve has planned its banking operations for Utah.

Revolut, a London-based fintech company recognized for its global digital banking and financial services, is seeking to shift away from its current costlier system that relies on Federal Deposit Insurance Corporation (FDIC)-insured partner banks. The company said it wants to deliver more efficient services at a lower cost by operating its own US-regulated bank.

The OCC noted that both firms are required to fulfill preopening conditions and secure final approval before launching banking services. This step means neither Revolut nor OpenReserve can begin operating their national banks until all regulatory requirements have been satisfied.

Planned services and digital asset offerings

Revolut aims to introduce digital asset custody, enabling customers to safely store their cryptocurrencies. In addition, users would be able to utilize crypto assets—including stablecoins—for cross-border transactions. The company is also planning to offer stablecoins under the Revolut brand, though these will be issued by third-party providers.

Revolut plans to provide its customers with digital asset custody and the ability to use crypto assets, including stablecoins, to facilitate cross-border transfers as well as offer Revolut-branded stablecoins issued by a third party.

OpenReserve, a fintech startup founded in 2025 by MoneyLion founder and former CEO Dee Choubey, is building a blockchain-based national bank model that will merge traditional banking with blockchain solutions. The platform aims to deliver core banking services together with tokenized deposits and a suite of digital asset options.

The company intends to offer tokenized deposits, secure digital asset custody, and establish a subsidiary for issuing stablecoins backed by US dollars. However, OpenReserve has not yet submitted an application for this subsidiary to regulators.

Mini dictionary: OpenReserve, a fintech startup founded by Dee Choubey in 2025, is developing a blockchain-based bank that integrates traditional banking features with digital asset services such as tokenized deposits and stablecoins.

Outlook and requirements ahead

Although granted preliminary approval, both Revolut and OpenReserve must satisfy the OCC’s full set of preopening requirements and complete the process for final regulatory consent. Only after meeting these obligations can either institution officially open its national bank and extend digital asset services to US customers.

The OCC determined that Revolut and OpenReserve must complete all preopening requirements and obtain final approval before commencing operations.

Both initiatives emerge as global financial institutions accelerate their crypto and stablecoin efforts. Recently, major US banks including BofA, Citi, and Goldman Sachs have joined a group of 21 institutions preparing to launch stablecoins in the financial sector.