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Revolut, OpenReserve Win Preliminary OCC Approval for U.S. Banks
Both companies plan federally supervised banking operations with crypto and stablecoin services
TL;DR
- The OCC granted preliminary conditional approval to Revolut and OpenReserve to establish separate U.S. national banks.
- Revolut plans digital asset custody, crypto-enabled cross-border transfers and branded stablecoins, while OpenReserve is building around onchain settlement and tokenized deposits.
- Neither bank can begin operations until OCC preopening conditions are met and final regulatory approvals are secured.
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The Office of the Comptroller of the Currency granted Revolut and OpenReserve preliminary conditional approval on September 2, 2026, to move forward with proposed U.S. national banks in Connecticut and Utah, respectively. The approvals allow both companies to continue building federally supervised banking operations that incorporate cryptocurrency and stablecoin services, but they are not final authorization to open for business.
Revolut wants its own U.S. bank to provide services at lower cost and with greater efficiency than its current model, which relies on Federal Deposit Insurance Corporation-insured partner banks. The proposed bank would bring more of Revolut's U.S. financial infrastructure under its own federally supervised operation rather than continuing to depend on partner institutions for core banking services.
Revolut Founder and CEO Nik Storonsky said, “Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US. It gives us the foundation to build in the world's largest financial market and bring the full Revolut experience to millions of Americans.”
Revolut plans to offer digital asset custody through the proposed bank and allow customers to use crypto assets, including stablecoins, for cross-border transfers. The company also plans to offer Revolut-branded stablecoins issued by a third party. Revolut has separately launched EURR, its euro-backed stablecoin, which has drawn mixed reactions.
The preliminary approval does not permit Revolut to immediately begin banking operations. Revolut must satisfy the OCC's conditions and obtain required approvals involving the Federal Deposit Insurance Corporation and the Federal Reserve before the proposed Revolut Bank US can proceed to full operation.
OpenReserve plans onchain banking infrastructure and tokenized deposits
OpenReserve received preliminary conditional approval to establish a full-service national bank built around a programmable core ledger and native onchain settlement. Founded in 2025 by Diwakar Choubey and Richard Correia, the company is developing a banking model that combines conventional financial services with tokenized deposits and digital asset products.
OpenReserve's proposed services include deposits and lending, payments and treasury services, tokenized deposit products, digital asset custody and foreign correspondent banking. The structure places blockchain-based settlement within the bank's core operating architecture rather than limiting digital assets to an external product line.
The proposed bank must raise at least $210 million in initial paid-in capital, net of organizational and preopening expenses. The OCC also requires OpenReserve to maintain a Tier 1 leverage ratio of at least 12% during its first three years of operation.
OpenReserve also plans to establish a wholly owned subsidiary for the issuance, custody, conversion and payment of U.S. dollar-denominated reserve-backed stablecoins. The subsidiary had not yet filed its own application, according to the OCC, meaning the preliminary bank approval does not itself authorize that planned stablecoin operation.
Before OpenReserve can begin operations, it must satisfy the OCC's preopening requirements and receive final approval. The company is also expected to obtain FDIC deposit insurance and apply for Federal Reserve Bank stock.
OpenReserve previously raised a $25 million seed round led by Andreessen Horowitz's a16z crypto, with Jump Capital, Acrew, Coinbase Ventures, Wintermute Ventures, Clocktower, Quona, AAF Management and Zero Knowledge Ventures also participating. The OCC-mandated initial capital threshold is more than eight times the size of that disclosed seed financing, although the two figures represent different funding categories.
a16z crypto said, “We believe Americans and companies worldwide will benefit from more banking options, and the technological progress that new banks like OpenReserve represent. We are proud to partner with Dee, Rick, and the entire OpenReserve team.”
OCC expands charter pathway for crypto-linked institutions
The Revolut and OpenReserve decisions are part of a broader OCC push under Comptroller Jonathan Gould to provide federally supervised banking pathways to institutions using digital assets and other emerging technologies. Gould has said entities engaging in novel technologies should have a legitimate route to become federally supervised banks if they meet the requirements for an OCC charter.
Since 2025, the OCC has received 40 de novo charter applications and approved 21. The agency has also granted conditional approvals for national trust bank charters involving Coinbase, Paxos, BitGo, Ripple and Circle.
The OpenReserve proposal differs from a narrower national trust bank structure because its planned services include conventional banking functions such as deposits, lending, payments and foreign correspondent banking alongside digital asset custody and tokenized products.
The OCC's charter activity has also drawn political criticism. Senator Elizabeth Warren said in May 2026 that crypto firms receiving national trust charters could seek to operate beyond the narrower activities permitted under the National Bank Act. Her criticism focused on Ripple, Circle, Paxos, Fidelity, BitGo and Coinbase.
The OCC also approved a Trump-backed entity identified in the supplied information as World Liberty Trust Company, while another account referred to World Liberty Financial and said its conditional approval generated concerns about possible conflicts of interest. The separate names were presented in the underlying information and are not treated as interchangeable here.
The banking approvals are moving forward while broader U.S. crypto legislation remains unresolved. The CLARITY Act had been pushed from August to September 15, 2026, while cancellation of much of the House's September voting calendar narrowed the window for congressional action before the midterm elections.
Crypto markets were also reported higher during the period surrounding the charter developments, with global cryptocurrency market capitalization at about $2.8 trillion after gaining more than 4% over the preceding 24 hours. That market move was separate from the OCC approvals and was not presented as a consequence of them.
FAQ
What did the OCC approve?
Preliminary conditional national-bank applications for Revolut in Connecticut and OpenReserve in Utah.
Can either bank begin operating immediately?
No. Both must satisfy preopening conditions and receive final approvals.
What crypto services does Revolut plan?
Digital asset custody, crypto-enabled cross-border transfers and third-party-issued Revolut-branded stablecoins.
What blockchain products does OpenReserve plan?
Tokenized deposits, digital asset custody and a planned subsidiary for dollar-backed stablecoins.
This article has been refined and enhanced by ChatGPT.
