Revolut and OpenReserve Secure Preliminary Approval for National Banks

Revolut and OpenReserve have taken significant steps towards establishing national banks in the US. The Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval for both companies to move forward with their proposed banks.

The OCC cited Revolut's goal of providing services at lower cost and greater efficiency than its current model, which relies on partner banks insured by the Federal Deposit Insurance Corporation (FDIC). Revolut plans to offer digital asset custody and allow customers to use crypto assets for cross-border transfers. It also intends to introduce Revolut-branded stablecoins issued by a third party.

OpenReserve, founded in 2025 by Dee Choubey, aims to create a blockchain-based bank offering traditional banking services alongside tokenized deposits and digital asset services. The company plans to provide tokenized deposits, digital asset custody, and issue US dollar-backed stablecoins through a subsidiary.