The Office of the Comptroller of the Currency granted preliminary conditional approval Wednesday for Revolut to establish a national bank in Connecticut and for OpenReserve to do the same in Utah, clearing a major regulatory hurdle for both crypto-focused financial institutions.
Revolut plans to migrate away from its current reliance on Federal Deposit Insurance Corporation-insured partner banks and offer digital asset custody directly to customers. The company will allow clients to use crypto assets—including stablecoins—for cross-border transfers and will issue Revolut-branded stablecoins through a third-party issuer.
OpenReserve, founded in 2025 by MoneyLion founder Dee Choubey and backed by Andreessen Horowitz, is building a blockchain-based bank combining traditional banking services with digital asset offerings. The company plans to offer tokenized deposits and digital asset custody, plus establish a subsidiary for issuing U.S. dollar-backed stablecoins. The stablecoin subsidiary application has not yet been filed with the OCC.
Both banks must satisfy OCC preopening requirements before receiving final approval to commence operations. The conditional approvals signal regulatory acceptance of crypto integration at the national bank level—a structural shift in how digital assets move into the traditional banking system.
The approvals align with broader institutional momentum. Bank of America, Citi, Goldman Sachs and 18 other institutions are reportedly planning stablecoin launches, reflecting accelerating adoption of digital asset capabilities across traditional finance.
