US regulator okays crypto banks' national charters

TLDR

The US banking regulator has given preliminary national bank charter approvals to crypto-focused firms Revolut and OpenReserve, creating a pathway for fully regulated crypto banks in the United States.

1. Revolut and OpenReserve received preliminary conditional approval from the OCC to form national banks offering crypto, stablecoin, and traditional banking services, but they cannot operate as full banks yet.
2. These charters go beyond prior trust-bank approvals, potentially combining insured deposits, lending, and digital asset services in one federally supervised institution.
3. The move sits inside a broader regulatory push and political debate, so timelines, capital raising, and stablecoin rules will determine how quickly these crypto banks actually launch.

Deep Dive

1. What Was Approved

The US Office of the Comptroller of the Currency (OCC) granted Revolut and OpenReserve preliminary conditional approvals to establish national banks in Connecticut and Utah respectively, focused on both traditional and crypto services. Reports from Cointelegraph and others confirm that these decisions explicitly contemplate digital asset custody, cross-border transfers using crypto and stablecoins, and Revolut-branded stablecoins issued by a third party.Revolut and OpenReserve OCC approval

OpenReserve, backed by a16z crypto and other major VCs, secured OCC approval to charter a full-service national bank built around tokenized deposits, digital asset custody, and onchain settlement, subject to raising at least 210 million in capital and maintaining a 12% Tier 1 leverage ratio.OpenReserve OCC approval

Crucially, these approvals are conditional: both firms must satisfy OCC preopening requirements, obtain FDIC deposit insurance, and secure Federal Reserve sign-off before they can operate as national banks.

2. Why It Matters For Crypto

Historically, most crypto firms received national trust bank charters, allowing custody and fiduciary services but not full retail banking. OpenReserve deliberately pursued a full-service national bank charter, and Revoluts approval also contemplates insured deposits plus lending alongside crypto services.OpenReserve full-service charter

If these banks launch, customers could access checking accounts, loans, cards, and stablecoins in one regulated stack, with direct access to US payment rails rather than relying on partner banks.Revolut US banking plans That tight integration lowers friction for on/off ramps, institutional treasury management, and potentially 24/7 settlement using tokenized deposits and compliant stablecoins.

3. What To Watch Next

OpenReserve has deadlines to raise the required capital within 12 months and open within 18 months, or its approval expires, while Revolut targets a US bank launch around 2027, pending FDIC, Fed, and final OCC sign-off.OpenReserve timelines

Any stablecoin issuance must comply with the GENIUS Act, the US federal stablecoin law, and sits alongside broader debates over the CLARITY Act and crypto market structure. Lawmakers such as Senator Elizabeth Warren have criticized the pace and scope of OCC crypto-related approvals, so political risk remains a live factor.OCC crypto charter criticism

For crypto market structure, the key signals will be: final charter approvals, stablecoin product launches, and whether other major exchanges or issuers pursue similar full-service national charters.

Confidence: high, based on multiple consistent regulator decisions and independent reporting.

Conclusion

US regulators are not yet running fully operational crypto banks, but they have opened a formal path for Revolut and OpenReserve to become federally supervised banks that integrate deposits, lending, and digital assets. If these firms meet capital, compliance, and stablecoin rules, their eventual launch could meaningfully reduce friction between traditional banking and crypto, while ongoing political and regulatory scrutiny will shape how far this model can scale.