Revolut plans US bank and stablecoin after conditional OCC approval
Revolut has received conditional approval from the Office of the Comptroller of the Currency to form a U.S. national bank, with a 2027 launch, a $95 million capital injection and stablecoin service planned if regulators grant the remaining clearances.
Summary
- Revolut plans to establish its national bank in Stamford, Connecticut, with about $95 million in capital.
- The proposed bank still requires FDIC, Federal Reserve, and final OCC approvals before opening.
- Checking accounts, cards, installment loans, foreign exchange, and a stablecoin are among the planned products.
- Revolut currently serves U.S. customers through Lead Bank rather than its own banking charter.
Conditional approval moves Revolut closer to a 2027 launch
Revolut said on Sep. 3 that the OCC had conditionally approved its application to establish Revolut Bank US, N.A., taking the fintech through one stage of a process that began with its charter application in March.
Conditional approval does not allow the proposed bank to begin operating immediately. Revolut must satisfy the OCC’s conditions, secure deposit insurance from the Federal Deposit Insurance Corporation, and obtain approval from the Federal Reserve. The company will also need the OCC’s final authorization before opening the bank.
Planned for Stamford, Connecticut, the new entity would receive an initial capital contribution of about $95 million, according to the company. Revolut expects the operation to open in the first half of 2027 and employ about 160 people.
“We’re grateful for the OCC’s open and transparent dialogue throughout this process,” Revolut U.S. CEO Cetin Duransoy said. He added that the decision keeps Revolut “on track for a 2027 launch of our proposed national bank.”
Founder and group CEO Nik Storonsky described the decision as a foundation for offering Revolut’s full range of services in the United States. The company says it now serves more than 80 million customers globally.
Under its earlier U.S. banking plan, Revolut proposed serving customers who regularly use several currencies, including people with financial ties to Europe, Latin America and Asia. Duransoy previously said the company would rely on existing ATM networks instead of opening physical branches.
Revolut currently offers services to American customers through Lead Bank, an FDIC member. Receiving a final national charter would allow the fintech to provide covered banking products through its own U.S. bank rather than depend on a partner for the underlying accounts.
Revolut bank plans include deposits, credit and foreign exchange
Once authorized to operate, Revolut Bank US plans to offer checking accounts, credit cards, installment loans, and foreign exchange services. The company has also listed a stablecoin among the products expected from the proposed bank.
For U.S. customers, the charter would place eligible deposit accounts within the federal banking system. FDIC insurance, however, would apply to qualifying bank deposits rather than crypto assets or stablecoins, and coverage would depend on the proposed bank obtaining FDIC approval.
Revolut’s earlier product plan also included multicurrency deposits, investment accounts, stock trading and crypto trading. According to Reuters, business banking could follow the initial consumer launch, while mortgages are not part of the company’s first three-year plan.
The stablecoin proposal will face a separate federal rulebook. Under the GENIUS Act, which became law in July 2025, only permitted issuers may issue payment stablecoins in the United States. OCC proposals implementing the law cover reserves, redemptions, audits, risk controls, custody and supervision for issuers under the agency’s authority.
A national bank charter alone, therefore, would not settle every question around Revolut’s planned token. The issuer, structure, and launch conditions would need to comply with the stablecoin framework and any final regulations in force when the product reaches customers.
The planned U.S. token would add a crypto payment product to an institution also offering conventional deposits and credit. Revolut has not disclosed the stablecoin’s currency, network, reserve structure or planned release date.
Recent licenses have expanded Revolut’s regulated banking network
Outside the United States, Revolut spent 2026 adding banking and payments approvals in several markets. The company received banking licenses in the United Kingdom, Australia, and France, while its UAE business obtained a payments license.
In August, Revolut secured a French banking license, which created its second banking base in the European Union alongside Lithuania. The French entity is intended to support locally regulated deposits, lending, and savings products, beginning with customers in France before serving other Western European markets.
The French approval followed Revolut’s full U.K. banking license in March and its Australian banking authorization in July. During the same period, the company began operating as a bank in Mexico.
Revolut says it is also pursuing licenses in Brazil, Colombia, Peru, Argentina, and South Africa. The company’s expansion plan covers markets where it already has customers as well as countries where it wants to provide locally regulated lending and deposit services.
For crypto operations, the fintech holds authorization under the European Union’s Markets in Crypto-Assets framework through the Cyprus Securities and Exchange Commission. Dubai’s Virtual Assets Regulatory Authority also gave Revolut in-principle approval in July for services that could include crypto brokerage, exchange and asset management, subject to final authorization.
Revolut X, the company’s separate crypto trading platform, supports third-party AI assistant connections that can help customers examine portfolios, review market information and prepare trades. Revolut says customers retain control of the final order rather than allowing an outside assistant to execute it independently.
EURR gives Revolut an existing stablecoin product in Europe
Revolut has already entered the stablecoin market in Europe through EURR, a euro-backed token being distributed to eligible customers in Denmark, Poland and Portugal.
As crypto.news reported in August, EURR is issued by Bridge Building S.A., the Luxembourg entity of stablecoin infrastructure company Bridge, which Stripe acquired in 2025. Revolut Digital Assets Europe distributes the token through its regulated crypto service.
EURR is designed to maintain a value of €1 and initially operates on Ethereum. Bridge manages the token’s reserves under the European Union’s MiCA requirements, while Revolut plans to extend availability to other European Economic Area markets when its regulatory and operational preparations are complete.
Selected customers can move EURR to compatible external wallets, with access scheduled to increase as distribution and liquidity develop. Revolut has said additional networks and stablecoins linked to other national currencies are being considered, but it has not identified which currencies would follow the euro.
