Revolut and OpenReserve Win US Approval for Crypto Banks
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Revolut, OpenReserve get preliminary US bank approval with crypto plans
Written by Helen Partz, staff writer, reviewed by Yohan Yun, staff editor
Revolut and OpenReserve, a crypto banking startup backed by Andreessen Horowitz, have received preliminary approval from the Office of the Comptroller of the Currency (OCC) to establish national banks in the US. Both companies aim to offer cryptocurrency and stablecoin-related services.
According to OCC decisions published on September 4, 2026:
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Revolut seeks its own US bank in Connecticut to provide services at lower cost and greater efficiency than its current model relying on FDIC-insured partner banks. It plans to offer digital asset custody and enable customers to use crypto assets, including stablecoins, for cross-border transfers, as well as launch Revolut-branded stablecoins.
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OpenReserve, founded in 2025 by MoneyLion founder Dee Choubey, is building a blockchain-based bank offering 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 OCC’s preopening requirements and receive final approval.