Revolut and OpenReserve win US bank approval

• Revolut and OpenReserve received preliminary approval to form US national banks.
• Both plans include cryptocurrency and stablecoin services.
• The approvals came from the US Office of the Comptroller of the Currency.

Revolut and OpenReserve have received preliminary approval to establish national banks in the US.

The Office of the Comptroller of the Currency approved both applications on 2 September, according to its published decisions.

The approvals could let both firms offer crypto and stablecoin services through federally supervised banks, subject to further approvals.

Revolut plans to offer customers access to stablecoins and cryptocurrencies through its proposed US bank.

Revolut says it serves more than 80 million customers worldwide and aims to launch its US bank in 2027.

OpenReserve plans to offer tokenised deposits, digital asset custody and stablecoin services through its proposed bank.

OpenReserve must raise at least $210 million in initial paid-in capital and maintain a 12% Tier 1 leverage ratio during its first three years.

Neither company can begin full banking operations yet, as both must meet pre-opening conditions and secure further regulatory approvals before launch.