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BTC 
ETH Revolut and Andreessen Horowitz-backed cryptocurrency banking startup OpenReserve have received preliminary regulatory approval from U.S. regulators to establish National Bank. Both companies plan to provide financial services related to cryptocurrencies and stablecoins. [TAG
The Office of the Comptroller of the Currency (OCC) has granted Revolut preliminary conditional approval to set up the proposed bank in Connecticut, while approving OpenReserve to set up a similar facility in Utah, according to two separate decisions issued Wednesday. [TAG
The OCC said Revolut wants to own its own U.S. bank to provide services at a lower cost and more efficiently than the current model of relying on the Federal Deposit Insurance Corporation (FDIC) to underwrite partner banks. Revolut plans to provide digital asset custody services and allow customers to use cryptocurrencies, including stablecoins, for cross-border transfers. In addition, the company also plans to launch Revolut-branded stablecoins issued by third parties.
OpenReserve was founded in 2025 by MoneyLion founder and former CEO Dee Choubey to build a blockchain-based bank that provides traditional banking services while also supporting tokenized deposits and digital asset services. OpenReserve plans to launch tokenized deposits, digital asset custody businesses, and set up a subsidiary to issue dollar-linked stablecoins, although the subsidiary has not yet submitted an application.
The two banks must meet the pre-opening requirements set by the OCC and obtain final approval before they can officially open.
