Revolut and OpenReserve Secure Preliminary OCC Bank Approval for Crypto Services

Revolut and Andreessen Horowitz-backed crypto banking startup OpenReserve have received preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) to establish national banks in the United States, with both firms planning to offer cryptocurrency and stablecoin-related services. The OCC granted the approvals in separate decisions published Wednesday, advancing Revolut's proposed bank in Connecticut and OpenReserve's planned institution in Utah.

Revut told regulators it wants its own US bank to deliver services at lower cost and greater efficiency than its current model, which depends on FDIC-insured partner banks. The fintech plans to offer digital asset custody and enable customers to use crypto assets, including stablecoins, for cross-border transfers. It also intends to issue Revolut-branded stablecoins through a third-party provider, marking a significant expansion of its digital asset footprint in the American market.

Founded in 2025 by MoneyLion founder and former CEO Dee Choubey, OpenReserve is building a blockchain-based bank that combines traditional banking services with tokenized deposits and digital asset offerings. The company plans to launch tokenized deposits, digital asset custody, and a subsidiary for issuing US dollar-backed stablecoins, though it has not yet filed an application for that subsidiary. OpenReserve's backing by Andreessen Horowitz signals continued venture capital confidence in compliant crypto banking infrastructure.

Neither bank can begin operations until it satisfies the OCC's preopening requirements and secures final approval. The developments come as more than 21 major institutions, including Bank of America, Citigroup, and Goldman Sachs, are preparing to launch stablecoin products, underscoring the accelerating convergence of traditional finance and digital assets in the United States.