The U.S. banking regulator, the OCC, has reached a significant milestone by granting conditional preliminary approval to two major fintech players: Revolut and OpenReserve. These decisions pave the way for the creation of national banks in the United States specifically designed to integrate digital assets and stablecoins into the core of their operational models. For Revolut, this initiative aims to optimize costs and operational efficiency by shedding its current reliance on partner institutions, while offering proprietary cryptocurrency custody services and branded stablecoins. Meanwhile, OpenReserve—a venture led by the former head of MoneyLion with backing from Andreessen Horowitz—aims to build banking infrastructure natively anchored on the blockchain, centered around tokenized deposits.
Beyond the technological aspect, these projects highlight a strategic distinction between stablecoins—instruments often issued outside the strict perimeter of bank reserves—and tokenized deposits, which represent a direct claim on the bank while benefiting from the protections of the traditional banking regime. Revolut intends to take a cautious approach by delegating the issuance of its digital assets to authorized third parties, a model it has already begun deploying in Europe. As for OpenReserve, its business plan involves integrating classic financial services alongside digital assets, with plans to soon launch a subsidiary dedicated specifically to the issuance of dollar-backed stablecoins.
It is crucial to note, however, that this is not yet a final green light. These authorizations come with strict conditions that both entities must satisfy before they can fully commence operations. The regulator requires robust guarantees regarding capital adequacy, internal governance, compliance, and risk control frameworks. The timeline will also be influenced by the macroeconomic context, particularly Federal Reserve interest rate decisions, which directly impact the revenue generated by the reserves backing these stablecoins.
This movement is part of a broader trend where the lines between traditional finance and the crypto ecosystem are blurring. While digital-native firms are seeking banking charters to cement their legitimacy, top-tier financial institutions such as Citigroup, Bank of America, and Goldman Sachs are investing heavily in digital asset custody and the creation of common stablecoins. The looming implementation of the GENIUS Act, scheduled for early 2027, demonstrates that the U.S. regulatory framework is adjusting to govern this structural shift in the financial system, marking a pivotal phase for the institutional adoption of digital assets in the United States.