Revolut, OpenReserve Win US Approval for Crypto Banks
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Revolut and OpenReserve have received preliminary conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish national banks in Connecticut and Utah, respectively. Both companies plan to offer cryptocurrency and stablecoin-related services, including digital asset custody, tokenized deposits, and stablecoin issuance through subsidiaries. Final bank openings depend on meeting the OCC's preopening requirements and receiving full approval.
Why it matters
The preliminary approvals signal growing regulatory acceptance of crypto-focused banking in the US, potentially enabling more efficient and lower-cost digital asset services. This development may influence how crypto companies structure banking offerings and how customers access crypto and stablecoin functionalities. The source does not further elaborate on broader market or policy impacts.
Key context
Revolut currently relies on FDIC-insured partner banks but aims to offer services directly via its own US bank to enhance efficiency and reduce costs. OpenReserve, founded in 2025 by Dee Choubey, is developing a blockchain-based bank offering both traditional and digital asset services, including plans for a stablecoin-issuing subsidiary that has not yet applied for a license. The OCC’s approval process includes preopening requirements before banks can become operational.
Key numbers and entities
Revolut, OpenReserve, Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), Dee Choubey, MoneyLion. No specific financial figures provided. OpenReserve founded in 2025.
What remains unclear
The exact timelines for final OCC approvals and bank openings are not specified. Details on the regulatory frameworks for the planned stablecoin subsidiaries and the full scope of crypto services each bank will offer remain unconfirmed.