US banking charters have become one of the most sought-after regulatory milestones in fintech in 2026, as a growing number of neobanks and cryptocurrency companies pursue full banking licenses in the United States. Companies including Revolut, bunq, Nubank, PayPal, Circle, Kraken, and Ripple have each taken steps toward obtaining these licenses, signaling a broad shift in how digital financial firms view regulatory compliance and market access.
Two Camps Pursuing US Banking Charters
The firms seeking US banking licenses fall broadly into two categories. The first group consists of neobank challengers — established digital banks from outside the US that want to deepen their presence in the American market. The second group comprises crypto-native companies seeking institutional credibility and direct access to payment infrastructure.
Neobanks: Expanding Beyond Their Home Markets
Several major neobanks have cited market expansion as a primary driver for pursuing US licenses. Nubank, the Brazilian digital bank, secured conditional approval from the US Office of the Comptroller of the Currency (OCC) in January 2026. David Vélez, founder and CEO of Nu Holdings, said the move represents more than geographic expansion. “It’s an opportunity to prove our thesis that a digital-first, customer-centric model is the future of financial services globally,” Vélez said. “This step allows us to build the next generation of banking in the United States.”
Revolut, the UK-based digital bank, applied to both the OCC and the Federal Deposit Insurance Corporation for a US national bank charter. Nik Storonsky, Co-Founder and CEO of Revolut, said the charter would provide direct operational control. “Filing for a national bank charter is a major milestone toward our vision of building the world’s first truly global banking platform,” Storonsky said. “This charter will give us the direct control needed to innovate faster and deliver the Revolut experience to millions more Americans as we move toward our goal of 100 million customers.”
Meanwhile, PayPal also confirmed plans to establish PayPal Bank. Former PayPal CEO and President Alex Chriss said in December that the move would improve operational efficiency. “Securing capital remains a significant hurdle for small businesses striving to grow and scale,” Chriss said. “Establishing PayPal Bank will strengthen our business and improve our efficiency, enabling us to better support small business growth and economic opportunities across the US.”
Crypto Firms Seek Regulatory Standing Through US Banking Charters
Crypto companies represent the second major wave of applicants. Circle, the stablecoin issuer behind USDC, secured conditional OCC approval in December 2025 to establish a national trust bank named First National Digital Currency Bank. Circle CEO, Co-Founder, and Chairman Jeremy Allaire said the approval supports the company’s broader compliance strategy. “As a public company, we’re focused on operating under rigorous regulatory oversight and building the infrastructure that allows digital dollars like USDC to become a core part of global finance,” Allaire said.
Ripple also secured conditional approval to establish a national trust bank in December 2025. CEO Brad Garlinghouse said the charter sets a compliance benchmark for the stablecoin sector. “The conditional approval of our trust bank charter represents a massive step forward — setting the highest standard for stablecoin compliance with both federal and state oversight,” Garlinghouse said. “We are ensuring RLUSD is the most transparent and responsibly managed stablecoin in the market today.” Kraken, the cryptocurrency exchange, is also among the firms pursuing a US banking license.
Moving Away from the Intermediary Model
Despite their different motivations, both neobanks and crypto firms share a common strategic goal: reducing dependence on sponsoring banks. For years, fintechs have operated under an intermediary model, relying on partner banks to access payment rails and hold customer deposits. However, growing awareness of third-party risk and evolving regulatory frameworks — including the OCC’s 2021 national bank trust policy shift — have made this model less attractive.
Consequently, a number of firms have concluded that obtaining a banking license directly is more strategically sound than continuing to partner with or work around traditional banks. The benefits of a US bank charter include direct access to payment rails, reserve backing, digital asset custody, and tokenization capabilities. Furthermore, for crypto companies specifically, a US banking license provides a level of institutional credibility that is difficult to achieve through other means.
“As a public company, we’re focused on operating under rigorous regulatory oversight and building the infrastructure that allows digital dollars like USDC to become a core part of global finance.”
Jeremy Allaire, CEO, Co-Founder, and Chairman, Circle
Outlook for 2026 and Beyond
The trend toward direct banking licenses reflects a broader maturation of the fintech sector. As regulatory environments in the US become more defined — particularly around digital assets and stablecoins — more companies are expected to pursue full banking status rather than operate through intermediaries. The OCC’s conditional approvals for Nubank, Circle, and Ripple in late 2025 and early 2026 suggest that regulators are open to processing these applications, though final approvals remain pending for most applicants.