Revolut Secures Conditional US Bank Charter to Scale Stablecoin Distribution
The European neobank's move signals a shift toward blockchain-based infrastructure for global payments.
European neobank Revolut has received preliminary conditional approval from the US Office of the Comptroller of the Currency (OCC) for a national bank charter. The move allows the fintech giant to distribute and provide custody for stablecoins within the US market without serving as the primary issuer.
To secure the charter for the proposed Revolut Bank US, N.A., the OCC has imposed strict financial safeguards. Revolut must meet a paid-in capital requirement of at least $95 million and maintain a Tier 1 leverage ratio of no less than 10% for the first three years of operation—double the standard 5% requirement. "Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US," said Revolut Founder and CEO Nik Storonsky, noting that the charter provides the foundation to bring the company's full experience to millions of Americans.
The Distribution-First Strategy
Historically, neobanks focused on improving the user interface of banking while remaining dependent on legacy financial rails. Revolut is now pivoting toward a "distribution-first" model, where it acts as the regulated interface for digital assets rather than taking on the regulatory and capital risks associated with issuance.
This strategy is already evident in Europe, where Revolut's EURR stablecoin is issued by Bridge Building S.A., a subsidiary of Stripe. By offloading the issuance to third parties, Revolut can leverage the speed of blockchain-based payments while minimizing the compliance burdens typically faced by primary issuers.
Regulatory Tailwinds
This shift coincides with a changing legal landscape in the US. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act was signed into law on July 18, 2025. While regulators missed the initial one-year implementation deadline of July 18, 2026, industry reports indicate that January 2027 has become the governing timeline for issuer planning due to these delays.
Combined with the rise of MiCA-compliant tokens in Europe, these regulatory frameworks are encouraging fintechs to bypass the inefficiencies of traditional correspondent banking in favor of stablecoin rails.
Industry Implications
Revolut's approach represents a pragmatic evolution in the convergence of traditional banking and fintech. By separating the issuance of tokens from their distribution, neobanks can offer near-instant global settlement and higher efficiency without the heavy balance-sheet requirements of a traditional reserve-holding issuer.
This sets a significant precedent for how other global fintechs may attempt to enter the US market. Rather than fighting the regulatory system, Revolut is utilizing a federal charter to legitimize its role as a bridge between legacy finance and digital asset infrastructure.
What to Watch
As Revolut moves toward final approval, the industry will be watching whether other European neobanks follow suit with similar OCC applications. Additionally, the actual enforcement of the GENIUS Act in early 2027 will determine how strictly the US government regulates the third-party issuers that neobanks rely on for their distribution models.