stable coins
By Sakamoto Nashi
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Revolut's Push Into US Banking. By building its own national bank, Revolut wants to cut that dependency and deliver services more…
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OpenReserve's Blockchain-First Model. OpenReserve is coming at this differently. Founded by Dee Choubey and backed by Andreessen…
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What Comes Next for Both Firms. Both companies are basically in a holding pattern now.
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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…
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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…
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Right now, Revolut depends on partner banks that carry FDIC insurance to deliver its US services. That's expensive and slow.
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By building its own national bank, Revolut wants to cut that dependency and deliver services more cheaply. The plan goes well beyond basic accounts.
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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…
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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…
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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…
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See also: OpenReserve Secures OCC Preliminary Charter Backed by $25M from Andreessen Horowitz
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The model centers on tokenized deposits. Customers would hold deposit claims represented on a blockchain rather than in a conventional ledger.
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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…
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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…
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Both companies are basically in a holding pattern now. The OCC's preopening conditions aren't optional — they cover operational readiness, compliance frameworks, capital…
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