Revolut has received preliminary approval from the US Office of the Comptroller of the Currency to form a national bank, a milestone that opens the door to the London-headquartered fintech offering cryptocurrency and stablecoin-related services in the United States under a federal banking charter.
The approval is preliminary rather than final, but it marks a significant step for a company that has built much of its European growth around bundling crypto trading with everyday banking features. A US national bank charter would give Revolut a more direct route into the American market, where it has so far operated with more limited licensing.
Revolut is not alone in reaching this stage. OpenReserve has also received preliminary approval from the OCC to establish a national bank, and it too intends to offer cryptocurrency and stablecoin-related services once the process is complete.
Why it matters for Europe
For European users and regulators watching Revolut's trajectory, the OCC approval underlines how central crypto and stablecoin infrastructure has become to the company's ambitions beyond the continent. Revolut has grown into one of the largest fintech platforms in Europe, and a US banking charter would extend its regulatory footprint into a jurisdiction that has historically been far more restrictive toward crypto-native firms seeking bank status.
The OCC's willingness to grant preliminary approval to two applicants with explicit crypto and stablecoin plans suggests a shift in how the US federal banking regulator is treating firms that combine traditional deposit-taking ambitions with digital asset services. Neither Revolut nor OpenReserve has detailed the specific products they intend to launch once a charter is finalised, but the stated intent to offer stablecoin-related services signals that both companies see dollar-denominated digital tokens as a core part of their future US banking business.
What comes next
Preliminary approval is not the same as a final charter. Both Revolut and OpenReserve will need to satisfy further OCC requirements before they can begin operating as national banks in the United States. The regulator typically requires applicants to demonstrate capital adequacy, governance structures and compliance systems appropriate for a federally chartered institution before granting final approval.
For Revolut, a US charter would sit alongside its existing European banking licences and its broader push to position itself as a full-service financial platform spanning banking, trading and crypto. How quickly the company can move from preliminary approval to an operational US bank will determine whether its crypto and stablecoin ambitions translate into an actual American offering, or remain a future prospect contingent on regulatory sign-off.
