Revolut and Zerohash Seek U.S. National Banking Charters as Crypto‑Adjacent Firms Push Into Traditional Finance
By [Your Name] – March 5 2026
Two fintech and digital‑asset companies announced applications to the U.S. Office of the Comptroller of the Currency (OCC) for nationally authorized banking licenses, underscoring a growing strategy among crypto‑friendly firms to embed themselves within the conventional financial system.
Revolut files for a full‑service national bank charter
Revolut, the UK‑based neobank that has expanded from basic banking services into retail crypto trading, disclosed that it has formally submitted an application for a national bank charter in the United States. In parallel, the company is also seeking FDIC insurance, a prerequisite for operating as a federally regulated depository institution.
The filing coincides with the appointment of Cetin Duransoy as Revolut’s new chief executive for the U.S. market. Duransoy, who previously held senior roles at major financial technology firms, is expected to steer the launch of a broader suite of services that could eventually include deposit accounts, loans, and expanded crypto offerings under a single regulatory umbrella.
Zerohash targets a national trust bank license
A day earlier, Zerohash—a digital‑asset infrastructure provider focused on settlement and stable‑coin services—announced its application for an OCC‑granted national trust bank charter. Unlike a full‑service bank charter, a trust bank license confines the firm to custodial, fiduciary, and trust‑related activities. In its statement, Zerohash’s chief legal and compliance officer described the move as a natural progression toward “robust global licensing coverage” and a platform for rolling out services that fall under the forthcoming GENIUS Act, legislation aimed at clarifying the regulatory treatment of stablecoins and other digital assets.
Industry context: A wave of crypto‑friendly banking applications
Revolut and Zerohash are joining a cohort of cryptocurrency‑related entities that have recently pursued OCC charters:
- Ripple and Paxos, both of which have applied for national bank charters to underpin their cross‑border payments and stable‑coin operations.
- Circle, the issuer of USDC, filed for a national trust bank charter to secure a regulated framework for its stable‑coin ecosystem.
- Crypto.com obtained conditional approval for a national trust bank charter last week, positioning itself to offer a broader set of custodial and lending products.
The surge in applications reflects a dual incentive: a desire for regulatory clarity and the ability to extend traditional banking services—such as FDIC‑insured deposits and loan products—to crypto‑savvy customers. By securing a national charter, firms gain the ability to operate across all 50 states without the need for separate state licenses, streamlining compliance and expanding market reach.
Analysis
Regulatory implications – Gaining OCC approval would place Revolut and Zerohash under the same supervisory regime as established U.S. banks, subjecting them to capital, liquidity, and consumer‑protection standards. For Revolut, FDIC coverage could make its crypto products more attractive to risk‑averse retail users. Zerohash’s trust charter would cement its role as a custodial backbone for stablecoins, potentially easing concerns about custodial risk among institutional participants.
Competitive positioning – Both firms are entering a space that is still relatively thin in terms of fully regulated crypto‑banking players. Revolut’s strong brand recognition among retail consumers could translate into rapid user adoption if it pairs deposit accounts with on‑ramp crypto trading. Zerohash, meanwhile, may become a preferred partner for other crypto enterprises seeking a compliant custodian for stablecoins, especially if the GENIUS Act clarifies the legal status of these assets.
Potential challenges – The OCC’s review process can be protracted, and past applications from crypto firms have encountered heightened scrutiny over anti‑money‑laundering (AML) controls, governance structures, and the treatment of digital assets on balance sheets. Both companies will need to demonstrate robust risk management frameworks and clear segregation of crypto and fiat liabilities.
Key Takeaways
- Revolut aims to become a federally regulated, FDIC‑insured national bank in the U.S., expanding its suite of retail banking and crypto services under a single license.
- Zerohash is pursuing a national trust bank charter limited to custodial and fiduciary activities, positioning itself as a regulated infrastructure provider for stablecoins and other digital assets.
- The applications are part of a broader industry trend wherein crypto‑adjacent firms seek traditional banking charters to gain regulatory certainty and nationwide operational scope.
- Successful charters would give these firms access to a uniform supervisory regime, potentially accelerating mainstream adoption of crypto‑linked financial products.
- Approval is not guaranteed; both entities must satisfy the OCC’s rigorous standards on capital adequacy, AML compliance, and governance.
As the regulatory landscape continues to evolve, the outcomes of Revolut’s and Zerohash’s applications will be watched closely by both the traditional banking sector and the decentralized finance community. Their progress could signal how quickly regulated crypto‑banking services become a mainstream fixture in the United States.
Source: https://thedefiant.io/news/tradfi-and-fintech/revolut-zerohash-apply-for-united-states-national-bank-charters
