Revolut and Andreessen Horowitz-backed OpenReserve received preliminary OCC approval to establish national banks in the US. Revolut was approved for a proposed Connecticut bank, and OpenReserve for a Utah bank. Revolut says its own bank would lower costs and improve efficiency versus its current reliance on FDIC-insured partner banks, and it plans to offer digital asset custody, crypto and stablecoin-based cross-border transfers, and third-party-issued Revolut-branded stablecoins. OpenReserve, founded in 2025 by MoneyLion founder Dee Choubey, is building a blockchain-based bank with traditional banking, tokenized deposits, and digital asset services, plus a planned subsidiary to issue US dollar-backed stablecoins. Both still need to satisfy OCC preopening requirements and obtain final approval before opening.