Revolut, Openreserve Clear Key Us Banking Hurdle

Crypto is moving further into the US banking system as Revolut and blockchain banking startup OpenReserve receive preliminary approval to establish national banks.

The Office of the Comptroller of the Currency (OCC) granted conditional approval for Revolut to establish a proposed bank in Connecticut and for OpenReserve Bank, N.A. to operate from Salt Lake City, Utah. The OCC’s published decisions list both applications as full service national bank charters. OCC charter decisions

The approvals do not allow either institution to begin banking operations yet. Both companies must first meet the OCC’s preopening requirements and receive final approval. Still, the decisions mark an important step for two companies pursuing different ways of bringing crypto and blockchain infrastructure into regulated banking.

Key Insights

• Revolut plans to offer digital asset custody, crypto based cross border transfers and a branded stablecoin issued by a third party.

• OpenReserve wants to combine traditional banking with tokenized deposits, digital asset custody and stablecoin infrastructure.

• OpenReserve is pursuing a full service national bank charter, giving it a broader banking model than crypto firms operating under trust bank structures.

• The company must raise $210 million in initial paid in capital and maintain a 12% Tier 1 leverage ratio during its first three years.

• The approvals come as digital asset businesses account for a growing share of applications for US national bank charters.

Revolut Seeks More Control Over US Banking

For Revolut, the proposed bank would reduce its dependence on partner institutions and allow the company to provide banking services more directly.

The OCC said Revolut expects its own bank to improve efficiency and lower costs compared with its current model, which relies on FDIC insured partner banks.

Crypto will also form part of the bank’s plans. Revolut intends to provide digital asset custody and allow customers to use crypto assets, including stablecoins, for cross border transfers. The company also plans to offer a Revolut branded stablecoin issued by a third party. That means Revolut would be able to build stablecoin based services without taking on the role of direct issuer itself.

OpenReserve Is Taking a Broader Approach

OpenReserve is pursuing a different model. Founded in 2025, the Andreessen Horowitz backed company is building a blockchain based bank designed to combine conventional financial services with digital assets. Its proposed bank would offer tokenized deposits and digital asset custody, alongside traditional banking services.

OpenReserve also plans to establish a separate subsidiary called ReserveUSD to issue US dollar backed stablecoins, although that subsidiary has not yet filed its own application. The company’s strategy is built around bringing blockchain based settlement into traditional banking rather than simply adding crypto products to an existing bank. Its application describes a model built around onchain settlement and banking services that can operate around the clock. The company is targeting periods when traditional banking payment systems are unavailable.

A Long Regulatory Road Remains

The preliminary charter is only one stage of OpenReserve’s plan. The OCC requires the company to secure $210 million in initial paid in capital and maintain a 12% Tier 1 leverage ratio for its first three years. OpenReserve has until September 2027 to complete its capital raise and is targeting a March 2028 launch. The company has already raised $25 million in seed funding led by a16z crypto, with participation from Coinbase Ventures, Jump Capital, Wintermute Ventures and other investors.

The planned ReserveUSD stablecoin would also require a separate regulatory process, meaning OpenReserve still has additional hurdles before its full model can operate. OpenReserve’s OCC application

Crypto Is Getting Closer to the Banking System

The approvals come as more digital asset companies seek direct access to regulated banking infrastructure. According to recent reporting, digital asset companies now represent a significant portion of new bank charter applications being considered by the OCC. The regulator has also been moving to provide clearer pathways for banks working with digital assets and stablecoins.

For companies such as OpenReserve, the goal is not simply to offer crypto services through traditional banks. It is to build banking infrastructure where blockchain based assets, payments and conventional financial services can operate within the same regulated structure. That could eventually change how customers and institutions handle deposits, custody and settlement.

The broader shift is already visible in the way financial companies are approaching digital assets. Rather than treating crypto as a separate product category, firms are increasingly trying to integrate blockchain based services into regulated financial institutions.

Revolut’s US expansion follows a similar direction, with the company seeking to bring more of its existing financial and digital asset services under its own banking infrastructure. Revolut’s announcement on its US bank approval

Conclusion

Revolut and OpenReserve are taking different routes into US banking, but their preliminary approvals point to the same broader shift: crypto companies increasingly want to operate within the regulated financial system rather than depend entirely on traditional banks.

Revolut is taking a more conventional approach, using a third party for its planned stablecoin issuance. OpenReserve is pursuing a broader model that combines a national bank, tokenized deposits and a planned stablecoin subsidiary.

Neither company has received final approval or begun operations. But the OCC decisions show that the boundary between traditional banking and blockchain based finance is becoming increasingly difficult to separate.