Two financial firms, Revolut and OpenReserve, have secured preliminary approval from a key US banking regulator to establish national banks, with both companies laying out plans to offer cryptocurrency and stablecoin services.
Regulatory Green Light
The Office of the Comptroller of the Currency (OCC) granted the conditional approvals, marking an important step for both firms toward operating as chartered national banks in the United States. The preliminary nod allows the companies to move forward with the process of formally establishing their banking operations.
For Revolut, the UK-based fintech giant with a large global user base, a US national bank charter would deepen its footprint in one of the world's largest financial markets. OpenReserve, meanwhile, is positioning itself around digital asset services from the outset.
Securing a national bank charter has long been a prized goal for fintech firms seeking to expand their reach in the US market.
Crypto and Stablecoin Ambitions
Both companies have signaled that digital assets will play a central role in their offerings. Their plans include services tied to cryptocurrencies and stablecoins, reflecting a broader trend of traditional and fintech institutions integrating blockchain-based products into regulated banking frameworks.
The push comes amid growing regulatory clarity in the US, where stablecoins in particular have drawn increased attention from lawmakers and agencies. A national bank charter could give the firms a stronger foundation to operate compliantly while offering crypto-related products.
Key elements of the firms' plans include:
- Establishing US national banks under OCC oversight
- Offering cryptocurrency-related services to customers
- Developing stablecoin capabilities within a regulated structure
The approvals remain preliminary, meaning both Revolut and OpenReserve must still satisfy conditions and complete additional steps before their banks can fully launch operations.