The Office of the Comptroller of the Currency granted Revolut conditional approval on September 3, 2026. The decision covers a proposed entity called Revolut Bank US, N.A. However, conditional approval does not let the bank open its doors. Revolut still needs deposit insurance from the FDIC. Additionally, the Federal Reserve must sign off, and the OCC must issue a final authorization. The company filed with the OCC and FDIC in March 2026, so this stage took roughly six months. Founder and CEO Nik Storonsky called it “an important first step towards establishing the proposed Revolut Bank US.” US CEO Cetin Duransoy added that the firm was “grateful for the OCC’s open and transparent dialogue throughout this process.”
Conditional approvals typically carry a list of items the applicant must satisfy first. Regulators usually require final capital levels, key executive hires, and working compliance systems. Anti-money-laundering and sanctions programs face particular scrutiny. As a result, the gap between conditional and final approval is where most de novo banks spend their effort.
Next up:
— Revolut (@Revolut) September 3, 2026
• Approvals from the FDIC and Fed
• Looking to launch as an operational bank in 2027
In the US, banking services are currently provided by Lead Bank, Member FDIC. Fees may apply. See https://t.co/GrpIxnWAiV for details.
A Small Bank on Paper, Built for Scale
Revolut plans to headquarter the bank in Stamford, Connecticut, with an additional office in New York. Filings point to an initial capital contribution of roughly $95 million and about 160 employees. Notably, the firm does not intend to build a branch network. Instead, it will rely on its app and existing ATM infrastructure for cash access.
The product list reads like a full-service bank rather than a narrow crypto entity. It includes FDIC-insured checking accounts, credit cards, installment loans, and foreign exchange. Multi-currency deposits across more than 30 currencies sit at the center of the pitch. Crypto trading and stablecoins appear alongside those core products. Business banking is expected to follow the consumer launch, while mortgages sit outside the first three-year plan.
an important first step towards establishing the proposed Revolut Bank US.
Founder and CEO Nik Storonsky
The Stablecoin Layer Is Already Live in Europe
Revolut launched EURR, a euro-backed stablecoin, on August 26, 2026. Importantly, Revolut does not issue the token itself. Bridge Building S.A., a Luxembourg-regulated entity tied to Stripe’s stablecoin arm, handles issuance. The token qualifies as an e-money token under the EU’s MiCA framework, so reserves and redemption follow that rulebook. EURR runs on Ethereum and Polygon, and it launched for selected customers in Denmark, Poland, and Portugal. Regulatory filings showed just €374 in circulation at launch, which signals a deliberate pilot rather than a full rollout. Revolut counts more than 16 million crypto users globally, so the distribution potential is considerable.
The US stablecoin plan is far less defined. Revolut has not disclosed the currency, the network, or the reserve structure. Any dollar token would need to satisfy the GENIUS Act, which became law in July 2025. Meanwhile, the OCC issued its proposed implementing rule on March 2, 2026, and the comment period closed on May 1. That framework governs “permitted payment stablecoin issuers,” including national bank subsidiaries approved to issue tokens. Consequently, the timing of Revolut’s US token likely depends as much on rulemaking as on the charter itself.
Why This Charter Differs From the Crypto Trust Charters
The OCC has approved a wave of crypto firms over the past year, but most received national trust charters. In December 2025, the agency conditionally approved Circle, Ripple, Paxos, BitGo, and Fidelity Digital Assets. February 2026 brought conditional approvals for Protego, Stripe’s Bridge subsidiary, and Crypto.com. Circle then converted its conditional approval into a final charter in July 2026.
Trust charters generally support custody, fiduciary services, and stablecoin reserve management. In contrast, they do not permit ordinary deposit-taking or lending. Revolut is pursuing a full national bank charter instead. That distinction matters, because it would let Revolut hold insured deposits, extend credit, and offer onchain products inside one federally supervised entity. Few firms have attempted to combine retail banking and digital assets at that level.
The Numbers Behind the Ambition
Revolut currently serves roughly one million US customers through a partnership with Lead Bank. A charter would remove that dependency and give Revolut direct control over its US balance sheet. Globally, the company passed 75 million customers and targets 100 million by mid-2027.
The financials give it room to fund the effort. Revolut reported $6 billion in 2025 revenue, up 46% year over year. Pretax profit reached $2.3 billion, a 57% increase. A secondary share sale in July 2026 valued the company at roughly $115 billion, up from $75 billion in late 2025. That makes it Europe’s most valuable private company.
Still, the US has punished European challengers before. N26 closed its American accounts in 2022. Monzo withdrew its own OCC charter application in 2021. Revolut is betting that cross-border customers give it a defensible niche. Duransoy framed the strategy plainly, saying the bank would “begin by focusing on business and retail customers that need multiple currencies.” Whether stablecoin rails widen that niche remains the open question heading into 2027.
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