The Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval for Revolut to form a national bank in Connecticut and for OpenReserve to form one in Utah. Both firms plan services related to cryptocurrencies and stablecoins.

Revolut plans to provide digital asset custody and enable customers to use crypto assets, including stablecoins, for cross‑border transfers. The company also intends to offer Revolut‑branded stablecoins issued by a third party.

OpenReserve, founded in 2025 by Dee Choubey, is developing a blockchain‑based bank with tokenized deposits and digital asset services. It plans a subsidiary to issue US dollar‑backed stablecoins, though that subsidiary has not yet filed an application.

Neither bank can open until it meets the OCC's preopening requirements and receives final approval. The regulator published separate decisions for each application.

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Source: https://cointelegraph.com/news/revolut-openreserve-occ-approval-national-bank-crypto-plan