US Grants Preliminary Approval to Revolut and OpenReserve for National Bank Charters
Revolut and OpenReserve have received preliminary US regulatory approval to establish national banks. The Office of the Comptroller of the Currency (OCC) granted conditional approval for Revolut's proposed bank in Connecticut and OpenReserve's in Utah.
The OCC stated that Revolut aims to provide services at lower cost and with greater efficiency than its current model, which relies on 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 issue Revolut-branded stablecoins issued by a third party.
OpenReserve, founded in 2025 by MoneyLion's former CEO Dee Choubey, is building a blockchain-based bank that will offer traditional banking services alongside tokenized deposits and digital asset services. OpenReserve plans to offer tokenized deposits, digital asset custody, and a subsidiary that would issue US dollar-backed stablecoins.
The banks cannot open until they meet the OCC's pre-opening requirements and receive final approval.