Revolut and Andreessen Horowitz-backed crypto banking startup OpenReserve have received preliminary conditional approval from the Office of the Comptroller of the Currency to establish U.S. national banks. Revolut's proposed Connecticut bank is intended to reduce costs and improve efficiency versus its current reliance on FDIC-insured partner banks, while OpenReserve plans a Utah-based blockchain bank combining conventional banking with tokenized deposits and digital-asset services. Revolut plans digital-asset custody, crypto-enabled cross-border transfers and Revolut-branded stablecoins issued by a third party. This clarifies earlier reporting that described its proposed stablecoin as proprietary. OpenReserve, founded in 2025 by MoneyLion founder and former CEO Dee Choubey, plans tokenized deposits, digital-asset custody and a subsidiary to issue U.S. dollar-backed stablecoins, although it has not applied for approval for that subsidiary. Neither bank can open until it satisfies OCC preopening requirements and receives final approval. Revolut has separately said it intends to invest about $95 million in its Stamford-based U.S. operation and target an early-2027 launch, pending remaining regulatory authorizations.