The Office of the Comptroller of the Currency (OCC) has granted conditional approval for Revolut to establish a national bank in the United States. This preliminary authorization greenlights the formation of a new financial institution entity that will operate under the name Revolut Bank US, N.A. The new bank’s operational headquarters is slated to be located in Stamford, Connecticut, backed by $95 million in initial capital.
The licensing milestone marks a key transition for the financial app, which has amassed 80 million global users. While serving the US market, Revolut has operated through a partnership with Lead Bank, a member of the Federal Deposit Insurance Corporation (FDIC). Through an independent banking operation targeted to open in the first half of 2027, the company aims to offer a comprehensive suite of financial products - ranging from checking accounts, credit cards, installment loans, and foreign exchange services, to stablecoins.
Responding to the regulator’s decision, Revolut US CEO Cetin Duransoy stated that the OCC approval keeps the company on schedule for a 2027 rollout. Preparations for opening operations in Stamford also include plans to recruit 160 new employees to run the bank in the United States.
Multi-Layered Requirements Before Operations Begin
The US banking approval follows similar licensing milestones in other jurisdictions. Throughout 2026, Revolut successively secured full banking licenses from regulators in the UK, Australia, and France. Its crypto services division also made headway after the Revolut X platform received in-principle approval from Dubai’s VARA to operate digital asset brokerage and exchange services.
Despite holding preliminary OCC approval, operations for Revolut Bank US, N.A. cannot start immediately. The conditional status requires the company to clear subsequent requirements from the OCC. Revolut is required to secure direct deposit insurance coverage from the FDIC, alongside mandatory final clearance from the Federal Reserve Board before it can process public transactions.
Why a Banking Charter Is Not Enough for Stablecoins
Revolut’s plans to issue a stablecoin come with distinct regulatory hurdles. Issuing a dollar-pegged digital asset requires Revolut to comply with the GENIUS Act framework, legislation that took effect in July 2025. Holding a US national banking charter does not automatically authorize the minting of crypto assets - stablecoin issuance demands an entirely separate layer of compliance distinct from traditional banking operations.
For Revolut customers, the transition from a partner bank structure to a full standalone license will determine seamless access to integrated services in the coming months. A complete rollout uniting fiat and crypto services under a single app will only materialize if the company satisfies all conditions from the OCC, FDIC, the Fed, and GENIUS Act regulations without schedule delays.
Reported by crypto.news.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
