Revolut wins OCC approval for $95 million US bank and stablecoin

The U.S. Office of the Comptroller of the Currency granted Revolut conditional approval on Sep. 3 to form a national bank, clearing the first of several hurdles before a planned 2027 launch that would pair FDIC-insured deposits with stablecoin issuance.

"Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US," Nik Storonsky, founder and group chief executive at Revolut, said. "It gives us the foundation to build in the world's largest financial market and bring the full Revolut experience to millions of Americans."

The proposed Revolut Bank US, N.A., based in Stamford, Connecticut, would receive an initial capital contribution of about $95 million and employ roughly 160 people, the company said. It plans to offer checking accounts, credit cards, installment loans and foreign exchange, with a stablecoin among the products expected from the bank. Revolut, which serves more than 80 million customers globally, still needs deposit insurance from the Federal Deposit Insurance Corporation, approval from the Federal Reserve and final OCC authorization before it can open.

The charter would let Revolut replace Lead Bank, the FDIC member that currently holds its U.S. accounts, and bring its full product suite in-house. Yet the stablecoin plan faces a separate federal rulebook under the GENIUS Act, which became law in July 2025 and restricts payment stablecoin issuance to permitted issuers. OCC proposals implementing the law cover reserves, redemptions, audits, risk controls, custody and supervision, so the national charter alone does not settle the token's path to market. Revolut has not disclosed the stablecoin's currency, network, reserve structure or release date.

A second regulated stablecoin front

The U.S. push would add a dollar-denominated payment token to a bank already offering conventional deposits and credit, extending a stablecoin strategy Revolut has run in Europe since August. Its euro-backed EURR token, issued by Bridge Building S.A., the Luxembourg entity of stablecoin infrastructure firm Bridge that Stripe acquired in 2025, is distributed to eligible customers in Denmark, Poland and Portugal under the European Union's MiCA framework. Revolut holds MiCA authorization through the Cyprus Securities and Exchange Commission.

Licenses stack up across markets

The U.S. approval follows a year of license gains that Storonsky says keeps Revolut on track to reach 100 million customers by mid-2027. The company secured full banking licenses in the United Kingdom in March, Australia in July and France in August, and began operating as a bank in Mexico. It is pursuing licenses in Brazil, Colombia, Peru, Argentina and South Africa, and holds in-principle approval from Dubai's Virtual Assets Regulatory Authority for crypto services.

Revolut U.S. chief executive Cetin Duransoy said the OCC decision keeps the company "on track for a 2027 launch of our proposed national bank." The timeline leaves more than a year for the FDIC, Fed and final OCC clearances — and for the stablecoin framework to take its final form before the token reaches customers.

This article is for informational purposes only and does not constitute investment advice.