Revolut and OpenReserve receive preliminary US national bank approval
The OCC granted conditional preliminary approval to both Revolut and Andreessen Horowitz-backed OpenReserve for establishing national banks in the United States.
The Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval on Wednesday to Revolut and OpenReserve to establish US national banks. Revolut plans to locate its bank in Connecticut to achieve lower costs and greater efficiency than its current model using FDIC-insured partner banks. The company intends to offer digital asset custody, allow customers to use crypto assets including stablecoins for cross-border transfers, and issue Revolut-branded stablecoins issued by a third party. Founded in 2025 by Dee Choubey, Andreessen Horowitz-backed OpenReserve is building a blockchain-based bank offering traditional banking services alongside tokenized deposits and digital asset services. OpenReserve plans to include a subsidiary that would issue US dollar-backed stablecoins but has not yet filed an application for that specific subsidiary. Both banks must meet OCC preopening requirements and receive final approval before they can open.
