Revolut, OpenReserve gain preliminary OCC approval for US bank charters
Revolut and OpenReserve received initial OCC clearance to charter US national banks, with crypto services planned.
The Office of the Comptroller of the Currency (OCC) has granted preliminary approval to Revolut and OpenReserve to form US national banks, according to a Cointelegraph report. Both companies intend to integrate cryptocurrency and stablecoin-related offerings into their banking services.
The preliminary approvals mark a step toward full federal bank charters. If finalized, the charters would allow the firms to operate under the OCC's regulatory umbrella, which could bring their crypto and stablecoin activities under clearer federal oversight.
What this means for crypto banking
- Revolut, a global financial app, has been expanding its digital asset services in multiple jurisdictions.
- OpenReserve, a lesser-known entity, has indicated plans to build a bank around digital assets and stablecoin infrastructure.
- OCC approval processes typically include a review period and must satisfy capital, management, and compliance requirements before final approval.
The development signals continued interest among crypto-friendly companies in obtaining traditional bank charters under the current federal regulatory framework.