Revolut and OpenReserve cleared a major regulatory hurdle this week, securing preliminary approval from the Office of the Comptroller of the Currency (OCC) to establish US national banks. Both fintech firms have explicitly flagged cryptocurrency and stablecoin services as core components of their US banking strategies.
The OCC's preliminary approval represents conditional clearance. Both companies still face final examination and approval processes before they can begin accepting deposits and offering banking services. The pathway, however, signals the regulator's willingness to charter digital-native banks with explicit crypto mandates, a notable shift from years of regulatory ambiguity around traditional banking and digital assets.
Revolut, the London-based neobank with 45 million users globally, has been pushing into the US market aggressively. The company already offers cryptocurrency trading in other markets and has repeatedly signaled that crypto integration would be central to its US banking offering. A US national bank charter eliminates the fragmented approach of holding multiple state licenses and allows Revolut to scale crypto services across all 50 states under federal oversight.
OpenReserve's approval carries different significance. The firm emerged as a stablecoin-focused entity with explicit plans to issue and manage stablecoins on US soil. For a stablecoin project to operate as a federally chartered bank provides legitimacy that the broader stablecoin ecosystem has lacked. Reserve requirements, capital standards, and deposit insurance coverage all fall under the OCC's purview for national banks, creating a clearer regulatory framework than the current patch of state-by-state stablecoin bills.
The timing aligns with broader regulatory acceptance. The OCC signaled openness to crypto-friendly bank charters under previous administrations, and preliminary approval for both Revolut and OpenReserve suggests continuity in that posture. However, preliminary approval does not guarantee final approval. The OCC typically requires applicants to meet strict capital ratios, demonstrate robust risk management, and prove adequate cyber security frameworks. For crypto-integrated banks, the bar runs higher.
Both charter applications represent a strategic pivot from earlier failed efforts. Companies like Custodia Bank and Silvergate faced harsh scrutiny and eventual closure despite holding OCC approval. The difference now is market maturity. The infrastructure for institutional-grade custody, stablecoin issuance, and custody rail integration has evolved significantly since those earlier attempts. Coinbase, Kraken, and other exchanges operate under state money transmitter licenses while serving institutional clients. The OCC's willingness to charter banks with explicit crypto mandates reflects acceptance of those operational realities.
For depositors and stablecoin users, the stakes run high. A federally chartered Revolut or OpenReserve bank means FDIC deposit insurance coverage up to $250,000 per depositor. Stablecoins issued through an OCC-approved bank would face explicit reserve requirements and potential FDIC backing of redemption rights. Neither company has detailed exact reserve structures yet, but the charter framework mandates transparency.
Competitors face pressure to move faster. Existing crypto-friendly banks like Silvergate and Signature did not survive recent market downturns. Crypto-native financial infrastructure remains fragile. Revolut and OpenReserve's movement toward traditional banking infrastructure signals that survival requires federal backing and deposit insurance.
Final approval timelines remain unclear. The OCC typically issues decisions within 6 to 12 months of preliminary approval, though complexity can extend timelines. Expect both companies to publicize progress updates as they navigate final compliance and examination phases.