OCC Approves Two Blockchain-Adjacent Institutions for Federally Supervised Banking

The Office of the Comptroller of the Currency (OCC) has granted conditional preliminary approval to two blockchain-adjacent institutions, Revolut Bank US and OpenReserve Bank. This decision marks a significant shift in policy under Comptroller Jonathan Gould, allowing for federally supervised banking to be more inclusive of crypto-native businesses.

Revolut is the better-known institution, with 50 million customers across Europe and a value of around $45 billion from its 2024 funding round. The UK-headquartered fintech has been operating in the US since 2020 through partner banks but will now have its own national charter. To achieve this, Revolut must raise $95 million in organizational capital and meet specific requirements before it can formally open.

OpenReserve is a fundamentally different institution, conceived as one that brings native blockchain settlement into federal supervision. The company's planned ReserveUSD stablecoin is designed around the GENIUS Act, and its core pitch to institutional clients centers on what it calls the 'Fedwire dead zone.' OpenReserve raised $25 million in seed funding and must raise an additional $210 million within 12 months for its conditional approval to remain valid.