Revolut and OpenReserve have secured preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) to establish national banks in the United States. Revolut intends to open its institution in Connecticut, while OpenReserve plans to launch its operations in Utah.
Revolut aims to transition away from its current reliance on partner banks insured by the Federal Deposit Insurance Corporation. The company plans to provide digital asset custody services and enable customers to utilize cryptocurrencies and stablecoins for cross-border transactions. Additionally, the firm intends to offer branded stablecoins issued by third-party providers.
OpenReserve, a startup founded in 2025 by former MoneyLion CEO Dee Choubey and backed by Andreessen Horowitz, is developing a blockchain-based banking platform. The company intends to integrate traditional financial services with tokenized deposits and digital asset management.
The startup also plans to establish a subsidiary for issuing US dollar-backed stablecoins, although it has not yet submitted a formal application for this entity. Both Revolut and OpenReserve must satisfy all preopening requirements set by the OCC to receive final authorization and commence operations.