The U.S. Office of the Comptroller of the Currency (OCC) issued preliminary conditional approval for two fintech firms to establish national banks. Revolut received clearance for a Connecticut‑based bank, while Andreessen Horowitz‑backed OpenReserve was approved for a Utah‑based institution.
Revolut’s application cites the need for a proprietary U.S. bank to lower costs and improve efficiency compared with its current reliance on FDIC‑insured partner banks. The firm plans to provide digital‑asset custody, enable customers to use cryptocurrencies and stablecoins for cross‑border transfers, and launch Revolut‑branded stablecoins issued by a third‑party provider.
OpenReserve, founded in 2025 by MoneyLion founder Dee Choubey, aims to build a blockchain‑enabled bank that combines traditional banking services with tokenized deposits and digital‑asset offerings. Its roadmap includes tokenized deposits, custody of digital assets, and a subsidiary that would issue U.S. dollar‑backed stablecoins, although a formal filing for the subsidiary has not yet been submitted.
Both banks remain subject to the OCC’s pre‑opening requirements and must obtain final approval before commencing operations. The approvals mark a notable step for fintech firms seeking to integrate crypto services within regulated banking structures in the United States.