OCC backs crypto banks Revolut and OpenReserve

TLDR

US banking regulator OCC has given Revolut and OpenReserve early, conditional approval to set up US national banks that integrate crypto and stablecoin services.

1. Revolut received conditional OCC approval for a national bank in Connecticut, but still needs FDIC and Federal Reserve sign offs before launching planned crypto-enabled banking in 2027.
2. OpenReserve, an a16z-backed startup, won preliminary approval for a full-service national bank in Utah focused on tokenized deposits, digital asset custody and a future compliant stablecoin subsidiary.
3. These approvals signal a regulated path for crypto-heavy banks in the US, but strict capital, leverage and GENIUS Act rules mean timelines, product scope and stablecoin design remain key risks to watch.

Deep Dive

1. What The OCC Approved

The US Office of the Comptroller of the Currency granted Revolut conditional preliminary approval to charter a national bank based in Stamford, Connecticut, according to multiple reports and the OCCs Corporate Decision described here.

Revolut still must secure Federal Deposit Insurance Corporation (FDIC) deposit insurance and Federal Reserve approvals before Revolut Bank US can open, with a target launch in the first half of 2027. The planned bank will offer checking accounts, loans, credit cards, foreign exchange and digital asset services, with around 95 million USD of initial capital and minimum leverage ratios set by the OCC.

OpenReserve separately received preliminary conditional approval to charter a full-service insured national bank in Salt Lake City, Utah, with a requirement to raise at least 210 million USD in paid-in capital and maintain a 12 percent Tier 1 leverage ratio for its first three years. If it fails to raise the capital within 12 months or open within 18 months, the approval can expire as noted in coverage by The Block.

2. How These Banks Plan To Use Crypto

Revolut plans to integrate crypto by offering digital asset custody and allowing customers to use crypto assets, including stablecoins, for cross-border transfers, as detailed in Cointelegraphs report. It also intends to offer Revolut-branded stablecoins issued by a third party, while keeping digital asset revenues capped as a small fraction of total revenue initially.

OpenReserves business model centers on tokenized deposits, digital asset custody, treasury services, payments and foreign correspondent banking, built on a programmable core ledger with native onchain settlement. It plans a wholly owned subsidiary to issue and redeem US dollar reserve-backed stablecoins, but that entity has not yet filed its own application and must comply fully with the US GENIUS Act stablecoin rules, according to Yahoo Finances coverage.

3. Why It Matters And Key Risks

Regulatorily, these approvals show the OCC is willing to bring crypto-heavy firms into the federally supervised banking system rather than leaving them entirely outside, continuing a trend that already includes conditional charters for Coinbase, Paxos, Ripple, Circle and others. This could legitimize tokenized deposits and bank-linked stablecoins as mainstream infrastructure for payments and settlement.

However, the approvals are conditional and reversible. Revolut and OpenReserve must clear demanding capital, leverage, governance, cybersecurity and compliance tests, and OpenReserves stablecoin plans must align with the GENIUS Act, which tightly defines reserves and disclosures for payment stablecoins. Political pushback is also visible, with some lawmakers criticizing the pace of OCC crypto bank approvals.

Conclusion

The OCCs preliminary backing of Revolut and OpenReserve creates a clearer, though demanding, regulatory pathway for banks that combine traditional services with crypto, tokenized deposits and stablecoins. If these firms meet capital and compliance hurdles and secure final FDIC and Federal Reserve approvals, they could become important bridges between regulated banking and onchain finance, while also testing how strict US stablecoin and bank rules will shape the next generation of crypto-integrated financial institutions.