The Office of the Comptroller of the Currency (OCC) has published 2 important updates in its interpretations and decisions database.
Specifically, these give preliminary conditional approvals to Revolut and OpenReserve for national banking charters in the U.S.
This comes a few weeks after a similar decision for the application submitted by World Liberty Financial.
Revolut Bank and Stablecoin Transfers
The first conditional approval was made to Revolut, which had applied for a U.S. charter a few months ago. The new entity called Revolut Bank US aims to provide a “full-service, digital bank” targeting customers and businesses.
Specifically, it will look to accommodate the full breadth of banking services, including taking in customer deposits and offering lending activities under official FDIC insurance.
This extends to credit, payments, and digital asset custody solutions – the latter to be performed by a subsidiary. Outside of this, the OCC is yet to give an answer on its additional request to approve FX conversion services.
Additionally, in its response letter, the OCC notes that Revolut may be using stablecoins for making international transfers.
However, “the Bank will not be the issuer and will not be managing any of the reserves”, in turn adopting a whitelabel approach.
Recently, Revolut launched its Euro stablecoin EURR via its stablecoin issuing partner Bridge.
OpenReserve Comes Out of Stealth
OpenReserve is a new entity that announced its mission today.
The team is also part of the latest wave of applicants applying to the OCC and receiving a preliminary conditional offer in 2026.
Similarly, OpenReserve seeks an FDIC insurance cover as a depository institution for its deposit and lending products. However, unlike Revolut, it will hold digital assets on its balance sheet to manage onchain transfer fees.
Interestingly, the team is aiming to have a separate stablecoin company for services across stablecoin issuance and custody.
