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BTC 
ETH Revolut and OpenReserve received preliminary approval from U.S. regulators to establish National Bank.
OpenReserve, a financial technology company focusing on the cryptocurrency field (supported by the Anderson Horowitz Foundation), and Revolut, a world-renowned financial technology platform, have received preliminary approval from U.S. regulators to establish National Bank. Both companies plan to incorporate their digital assets and stablecoin services into banking platforms to provide diversified financial services.
Progress in Crypto Banking Regulation
The U.S. Office of the Comptroller of the Currency (OCC) issued conditional preliminary approval decisions to the two companies on Wednesday. Under the relevant resolutions, Revolut's proposed National Bank will be located in Connecticut, while OpenReserve plans to conduct banking operations in Utah.
London-based Revolut is known for its global digital banking and financial services. The company hopes to get rid of its current higher-cost model of relying on the Federal Deposit Insurance Corporation (FDIC) to underwrite cooperative banks and provide more efficient services at lower costs by operating its own banks regulated by the United States.
The OCC stated that both companies must fulfill all pre-opening conditions and obtain final approval before launching banking services. This means that neither Revolut nor OpenReserve can start operating their national banks until all regulatory requirements are met.
Planned services and digital asset products
Revolut aims to introduce digital asset custody services that will allow customers to securely store their cryptocurrencies. In addition, users will be able to use cryptocurrencies, including stablecoins, for cross-border transactions. The company also plans to launch stablecoins issued under the Revolut brand, although these stablecoins will be issued by third-party providers.
OpenReserve is a fintech innovation company founded in 2025, founded by MoneyLion founder and former CEO Dee Choubey. The company is building a blockchain-based national bank model that aims to integrate traditional banking with blockchain solutions. The platform is committed to providing core banking services, while also offering tokenized deposits and a range of digital asset options.
OpenReserve plans to provide tokenized deposits, secure digital asset custody services, and form a subsidiary to issue dollar-backed stablecoins. However, OpenReserve has not yet submitted an application to regulators for this subsidiary.
Prospects and Pre-Requirements
Despite the preliminary approval, Revolut and OpenReserve must still meet all pre-opening requirements set by the OCC and complete the final regulatory clearance process. Only after fulfilling these obligations can the two institutions officially open National Bank and provide digital asset services to U.S. customers.
The move comes as global financial institutions accelerate their business in cryptocurrencies and stablecoins. Recently, several major U.S. banks, including Bank of America (BofA), Citi (Citi) and Goldman Sachs (Goldman Sachs), have joined a group of 21 institutions to prepare to launch stablecoins in the financial sector.
