Revolut and Wells Fargo make aggressive crypto expansion push on regulatory green light

British fintech Revolut has secured a full UK banking license, while American banking giant Wells Fargo has filed a trademark for a branded stablecoin. 

Crypto-friendly Revolut and Wells Fargo’s recent moves highlight how traditional firms are innovating to stay up to date with the changing financial scene, while fintechs are securing banking licenses to increase their product offerings to the changing demands of customers.

Crypto regulation has changed on both sides of the Atlantic

The Prudential Regulation Authority (PRA) lifted restrictions on Revolut Bank UK Ltd, granting the company permission to offer fully licensed current accounts and Financial Services Compensation Scheme-protected deposits to its over 13 million UK customers.

“Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey, ” said Co-founder and CEO Nik Storonsky. “The UK is our home market and central to our growth. We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe. This is a vital step in our mission to build the world’s first truly global bank.”

Francesca Carlesi, Revolut UK’s CEO, stated that securing the banking license lays the foundation for their next chapter, which is expanding into a broader suite of products, including credit, to sit alongside the innovative services their customers already rely on every day.

Revolut is also pursuing a stablecoin strategy in parallel and has been selected by the Financial Conduct Authority (FCA) to trial a GBP-denominated stablecoin in its regulatory sandbox, alongside three other firms, with real-world testing already underway in the first quarter of this year.

The fintech giant has also applied for a national bank charter in the United States, while also naming a new CEO for the country.

Still in the United States, Wells Fargo, which oversees $1.7 trillion in assets, filed a trademark application with the US Patent and Trademark Office for WFUSD, a digital asset platform covering cryptocurrency payment processing, digital trading, blockchain verification, and digital wallet services.

This is one of the developments that was expected to accompany the passage of the GENIUS Act in July 2025.

In May 2025, it was announced that Wells Fargo was in discussions with JPMorgan Chase, Bank of America, and Citigroup to develop a joint stablecoin using infrastructure from Early Warning Services, the firm behind Zelle.

However, the WFUSD trademark suggests that the bank intends to maintain a distinct branded presence in digital assets, that is, if the joint stablecoin project is still in the works.

Why are these two moves happening at the same time?

The GENIUS Act created what analysts have described as an international benchmark — one that has sped up policymaking in other jurisdictions, including the UK. The FCA has been consulting on a tailored conduct and market framework for stablecoins, with the Bank of England (BoE) working on the treatment of digital assets.

Regulators from both countries have been working through the Transatlantic Taskforce for Markets of the Future, a bilateral mechanism co-chaired by HM Treasury and the US Treasury, which brought together officials from the FCA, SEC, CFTC, and BoE as recently as January this year for a joint senior-level industry engagement day on digital asset collaboration.

Revolut’s wealth division, which encompasses crypto and stock trading, saw revenue rise by nearly 300% to $647 million.

By the end of 2025, stablecoins had surpassed $300 billion in market capitalization, with transaction volume hitting $55 trillion. So, it is understandable why major financial institutions like Wells Fargo would want to actively participate in its issuance.

The WFUSD filing comes after the bank increased its holdings in BlackRock’s Bitcoin exchange-traded fund to over $160 million in the second quarter of last year, a move that became viable only after US regulators approved spot Bitcoin ETFs.