Revolut says the Office of the Comptroller of the Currency has conditionally approved its application to establish Revolut Bank US, N.A., marking a key step in the fintech’s effort to open a U.S. national bank. The company said the process began with a charter application filed in March.

The approval is not final and does not allow the bank to start operating yet. Revolut still needs to meet the OCC’s conditions, obtain deposit insurance from the Federal Deposit Insurance Corporation, win approval from the Federal Reserve, and receive final authorization from the OCC before the proposed bank can open.

Launch plan and capital commitment

Revolut said the planned bank would be based in Stamford, Connecticut and would receive an initial capital contribution of about $95 million. The company expects the operation to launch in the first half of 2027 and employ about 160 people.

Revolut U.S. CEO Cetin Duransoy said the company’s discussions with the OCC had been open and transparent, and said the decision keeps Revolut on course for a 2027 launch of its proposed national bank. Founder and group CEO Nik Storonsky described the approval as groundwork for bringing Revolut’s broader service offering to the U.S. market.

Products Revolut wants to offer

If the bank receives all required approvals, Revolut Bank US plans to provide checking accounts, credit cards, installment loans and foreign exchange services. Revolut has also identified a stablecoin as one of the products expected from the proposed bank.

Earlier product plans cited by the company also included multicurrency deposits, investment accounts, stock trading and crypto trading. Reuters has reported that business banking may be added after the initial consumer rollout, while mortgages are not part of Revolut’s first three-year plan.

What the bank charter would and would not cover

For U.S. customers, a national bank charter would place eligible deposit accounts inside the federal banking system. But FDIC coverage would apply only to qualifying bank deposits, not to crypto assets or stablecoins, and only if the proposed bank secures FDIC approval.

That distinction matters because the bank charter by itself would not resolve the regulatory path for Revolut’s planned stablecoin. The company has not disclosed the token’s currency, network, reserve structure or target launch date.

Stablecoin rules remain a separate hurdle

Any U.S. stablecoin launch would have to comply with the federal framework created by the GENIUS Act, which became law in July 2025. Under that law, only permitted issuers may issue payment stablecoins in the United States.

OCC proposals implementing the law address areas including reserves, redemptions, audits, risk controls, custody and supervision for issuers under the agency’s authority. That means the issuer structure and launch conditions for any Revolut stablecoin would still need to fit the final rules in force when the product is eventually introduced.

For now, the next confirmed step is the completion of the remaining bank approvals. Only after satisfying the OCC, the FDIC and the Federal Reserve would Revolut be in a position to move from a conditional approval to an operating U.S. bank.

Source: crypto.news