Revolut has won conditional approval from the U.S. Office of the Comptroller of the Currency to pursue a national bank charter, a major regulatory milestone on the path to operating a full U.S. bank.

The plan envisions launching Revolut Bank in Stamford, Connecticut, with a first-half-2027 target, offering checking, lending, and credit cards, and progressively adding stablecoins and broader crypto services.

If fully approved, the bank would enable Revolut to hold U.S. insured deposits and access federal payment rails, reducing reliance on partner banks and expanding its banking capabilities.

OpenReserve, backed by a16z crypto, has previously raised a $25 million seed round from investors including Jump Capital, Coinbase Ventures, and others as it builds a blockchain-based banking platform.

Revolut’s valuation climbed to about $115 billion in July after a secondary share sale, signaling strong market momentum behind the fintech.

Analysts say Revolut’s regulatory progress could intensify competition among digital banks, neobanks, and crypto platforms in the U.S.

Regulators continue to scrutinize Revolut’s compliance history, with past penalties in Europe and ongoing focus on BSA/OFAC, CRA, and AML measures; the bank will need robust controls.

OpenReserve aims to combine traditional banking with tokenized deposits and digital asset services through a programmable core ledger and a plan to issue U.S. dollar–backed stablecoins via a potential subsidiary.

Andreessen Horowitz backs OpenReserve, which is pursuing a subsidiary for stablecoin issuance, though that subsidiary has not yet filed a formal application.

Industry observers believe OpenReserve and similar ventures could broaden banking options and spur tech-driven progress in the sector.

Revolut has also expanded internationally, including opening a branch in Portugal last year as part of its global growth strategy.

The OCC requires OpenReserve to raise at least $210 million in initial capital and maintain a Tier 1 leverage ratio of at least 12% in the early years.