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Two fintech firms just got a significant green light. The Office of the Comptroller of the Currency handed preliminary approval to both Revolut and OpenReserve, clearing the path for each company to establish US national banks — with cryptocurrency and stablecoin services baked into their plans from day one.
Revolut’s bank will be based in Connecticut. OpenReserve’s in Utah. The approvals are conditional, meaning both companies still have to clear a set of preopening requirements before the OCC will hand over final sign-off. No launch date has been confirmed yet, and it’s unclear exactly how long that process will take. But the preliminary nod is a real milestone — especially for Revolut, which has spent years trying to crack the American market without a banking charter of its own.
Right now, Revolut depends on partner banks that carry FDIC insurance to deliver its US services. That’s expensive and slow.
Revolut’s Push Into US Banking
By building its own national bank, Revolut wants to cut that dependency and deliver services more cheaply. The plan goes well beyond basic accounts. Revolut wants to offer custody for digital assets, let customers run cross-border transfers using cryptocurrencies — stablecoins included — and eventually roll out its own branded stablecoins. Those stablecoins won’t be issued directly by Revolut; a third party will handle issuance. The company hasn’t named that third party yet, so that piece of the picture is still pretty murky.
The broader logic is pretty straightforward. A bank charter gives Revolut direct control over its regulatory relationship with US authorities, which probably makes it easier to add new products without routing every decision through a partner institution. Crypto custody and stablecoin transfers are hard to scale when you’re working through someone else’s compliance infrastructure. Owning the bank fixes that.
And Revolut isn’t alone in wanting this. The race to build fintech-native banking infrastructure in the US has been heating up for years, driven partly by the explosion in stablecoin use and partly by growing demand from customers who want a single app for both traditional finance and digital assets. Getting an OCC charter puts Revolut in a different category from most crypto-adjacent apps — it’s not just a wallet or an exchange, it’s a bank.
OpenReserve’s Blockchain-First Model
OpenReserve is coming at this differently. Founded by Dee Choubey and backed by Andreessen Horowitz, the company wants to build what it calls a blockchain-based bank — not just a traditional bank that happens to touch crypto, but something more integrated from the ground up.
The model centers on tokenized deposits. Customers would hold deposit claims represented on a blockchain rather than in a conventional ledger. OpenReserve also wants to offer digital asset custody alongside standard banking services, targeting customers who want both in one place. And the company plans to issue US dollar-backed stablecoins through a subsidiary — though that subsidiary application hasn’t been filed yet.
Tokenized deposits are a growing area of interest across the banking industry. Several large institutions have been quietly exploring the idea, and regulators in multiple jurisdictions have started publishing guidance on how such instruments should be treated. OpenReserve is betting that building a bank specifically designed around that model — rather than retrofitting it onto existing infrastructure — gives it a structural edge.
Andreessen Horowitz’s backing matters here. The firm has been one of the most consistent institutional investors in crypto and blockchain infrastructure, and its involvement probably helped OpenReserve make the case to the OCC that the business model is credible.
What Comes Next for Both Firms
Both companies are basically in a holding pattern now. The OCC’s preopening conditions aren’t optional — they cover operational readiness, compliance frameworks, capital requirements, and a range of other standards that regulators want to see met before any bank opens its doors. Missing any of them means no final approval.
For Revolut, the stakes are high. The company has built a massive user base across Europe and other markets, and a full US banking license would let it compete more directly with established American fintech players. Crypto custody and stablecoin services are a key part of that pitch — they’re what differentiates Revolut from a conventional challenger bank.
OpenReserve is earlier stage and less publicly known, but the Andreessen Horowitz backing and the OCC approval together give it real credibility. Dee Choubey’s vision of a blockchain-native bank is ambitious. Whether it works depends on execution and on whether customers actually want tokenized deposits over conventional ones — not a certainty.
Both firms must meet all OCC preopening conditions before any customer can open an account.
Frequently Asked Questions
What did Revolut and OpenReserve receive from the OCC?
Both received preliminary, conditional approval from the Office of the Comptroller of the Currency to establish US national banks, with plans to offer cryptocurrency and stablecoin services — Revolut in Connecticut and OpenReserve in Utah.
Who founded OpenReserve and who backs it?
OpenReserve was founded by Dee Choubey and is backed by Andreessen Horowitz, with plans to build a blockchain-based bank offering tokenized deposits, digital asset custody, and US dollar-backed stablecoins.
Why It Matters
The OCC's approval for Revolut and OpenReserve to establish banks with integrated cryptocurrency services marks a pivotal moment for the regulatory landscape of digital finance in the U.S. This move not only signals growing acceptance of crypto by traditional financial institutions but also reflects a broader trend towards the convergence of fintech and banking, potentially reshaping how consumers interact with digital assets and influencing future regulatory frameworks for cryptocurrencies. As these banks prepare to launch, their operations could provide critical insights into the viability of crypto services within the established banking system.
