OCC Preliminarily Approves Two New Crypto-Focused Banks in the U.S.
The U.S. banking regulator granted preliminary conditional approval to applications from Revolut and OpenReserve to establish full-service national banks with federal charters and deposit insurance.
The Office of the Comptroller of the Currency (OCC) preliminarily approved applications to establish Revolut Bank US, N.A., headquartered in Stamford, Connecticut, and OpenReserve Bank, N.A., in Salt Lake City, Utah. Both banks plan to offer digital asset and stablecoin services alongside traditional banking products.
The application to establish Revolut Bank US was filed on March 10, 2026. The bank will be a subsidiary of Revolut Holdings US, which is wholly owned by U.K.-based Revolut Group Holdings. It will operate without physical branches and serve retail and corporate customers in the U.S. directly through a mobile app. Revolut Bank US plans to offer:
- deposit products;
- lending products;
- payment services;
- financial management tools;
- digital asset services;
- digital asset custody services, including cryptocurrency storage and wallet services;
- cross-border transfers using digital assets, including stablecoins.
Revolut Bank US also plans to offer customers Revolut-branded stablecoins issued by a third party. The bank itself won’t act as the issuer or manage the reserves backing the stablecoins. Its role will include marketing, providing customers with access to the stablecoins, and offering custody services through U.K.-based Revolut Ltd.
Revolut Bank US explicitly stated in its application that it doesn’t intend to hold digital assets on its own balance sheet. Revenue from related services is expected to account for less than 2% of the bank’s total revenue during its first 3 years of operations.
The OCC’s preliminary approval doesn’t yet cover Revolut’s retail foreign exchange operations. The bank will need separate supervisory non-objection before launching them. Additional written approval will also be required before it can offer foreign exchange forwards, merchant acquiring services, and products involving foreign correspondent banks that aren’t affiliated with the Revolut group.
Revolut recently began the phased rollout of its euro-denominated EURR stablecoin in the EEA.
According to OpenReserve’s application, filed with the OCC on April 13, 2026, OpenReserve Bank, N.A. also plans to operate without physical branches and will provide:
- deposit products, including tokenized functionality for all types of deposits;
- lending products;
- payment services;
- treasury services;
- digital asset services, including cryptocurrency storage and wallet services;
- cross-border transfers using digital assets, including stablecoins;
- foreign correspondent banking;
- Banking-as-a-Service (BaaS) infrastructure.
Unlike Revolut, OpenReserve also plans to establish a wholly owned bank subsidiary that will issue, hold, convert, and facilitate payments using U.S. dollar stablecoins. Through this entity, the bank also intends to provide non-fiduciary digital asset custody services, including cryptocurrency storage and wallet services. A separate application to establish the subsidiary hasn’t yet been filed.
OpenReserve also plans to use digital assets for cross-border transfers. The bank will be able to receive fees directly in digital assets and convert them into fiat within 1 business day or use them for other purposes. It also intends to hold enough crypto assets on its balance sheet to cover projected network fees.
The regulator set different capital requirements for the 2 projects. In particular:
- Revolut Bank US must have at least $95 million in initial paid-in capital after organizational and pre-opening expenses, compared with a minimum of $210 million for OpenReserve Bank. OpenReserve’s initial capital requirement is therefore more than twice as high.
- Revolut Bank US must maintain a Tier 1 leverage ratio of at least 10% during its first 3 years of operations. OpenReserve Bank must maintain a minimum ratio of 12% over the same period.
- OpenReserve is also required to bring its stablecoin operations and corporate structure into compliance with the GENIUS Act and the regulations adopted to implement it. Revolut also committed to operating its branded stablecoins in compliance with the GENIUS Act once the relevant requirements take effect.
Neither OCC decision constitutes a final banking charter at this stage. Revolut Bank US and OpenReserve Bank must meet pre-opening requirements, undergo IT infrastructure and security reviews, establish the required risk management systems, and obtain the remaining regulatory approvals. At least 60 days before their planned opening dates, the banks must confirm their operational readiness to the OCC and request a pre-opening examination.
In 2025, the Office of the Comptroller of the Currency allowed national banks to facilitate cryptocurrency transactions. It also confirmed that national trust banks may legally provide custody services and approved the creation of 5 national trust banks.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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