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Revolut received preliminary conditional approval from the Office of the Comptroller of the Currency on September 3, 2026 to establish Revolut Bank US, National Association. The London fintech filed its charter application in March and still needs FDIC deposit insurance, Federal Reserve approval, and final OCC sign-off before opening, with launch targeted for the first half of 2027.
Coverage has widely reported that the bank plans to offer a stablecoin. The OCC's own decision document says something more specific.
Under Corporate Decision #1390, the bank's role with regard to Revolut stablecoins is limited to marketing, providing customer access, and custody through a technology affiliate. The bank itself is not positioned as the issuer.
"Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US." - Nik Storonsky, Founder and CEO, Revolut
Key Takeaways
- The OCC granted preliminary conditional approval on September 3 for Revolut Bank US, N.A.
- The bank's stablecoin role is limited to marketing, access, and custody through an affiliate, per the OCC decision.
- Three further approvals are required from the FDIC, the Federal Reserve, and the OCC before opening.
- Capitalisation is roughly $95 million, with the bank headquartered in Stamford, Connecticut.
- Retail foreign exchange was excluded from the conditional approval and requires separate supervisory non-objection.
What the OCC Actually Approved
The approval is preliminary and conditional, meaning the OCC has determined the proposal meets certain regulatory and policy requirements without authorising the bank to open. Final approval will not be granted until all preopening requirements are satisfied.
One business line was carved out. The conditional approval does not include the proposed retail foreign exchange business, and the bank must submit further information for supervisory non-objection before commencing it.
The OCC also granted requested residency waivers and received three comment letters on the proposed charter, which it determined raised no significant supervisory, Community Reinvestment Act, compliance, legal, or policy issues requiring additional review.
Revolut plans roughly $95 million in capital and about 160 staff at launch in Stamford, Connecticut, against a global base of more than 80 million customers and a recent valuation near $75 billion. It currently serves US customers through Lead Bank rather than its own charter.
The Stablecoin Detail Most Coverage Missed
The distinction in the OCC document matters commercially. A bank that markets a stablecoin, provides customer access to it, and custodies it is performing distribution functions, while issuance, reserve management, and the redemption obligation sit elsewhere.
The decision routes those activities through a technology affiliate rather than the bank. The bank also represents that it will conduct any stablecoin activities in compliance with the GENIUS Act and relevant regulations once they become effective.
That structure matches what Revolut already does in Europe. Its euro stablecoin EURR, rolled out in late August to customers in Denmark, Poland, and Portugal, is issued by Bridge Building S.A., a Stripe-owned Luxembourg entity, while Revolut distributes.
The pattern is now the norm rather than the exception across regulated markets, with brands supplying customers and licensed entities supplying issuance, a split we map across issuers in our stablecoin infrastructure landscape.
Why This Matters for Stablecoins
The approval lands inside a visible shift in how the OCC treats digital asset businesses. The regulator said in August that companies engaged in permissible digital-asset activities could seek national bank charters, and Comptroller Jonathan Gould said on August 19 that digital-asset chartering activity had increased eightfold since the previous administration.
Gould also gave the clearest timeline yet on the rules themselves. He said the OCC expects to finalise its GENIUS Act implementing rules by November, with potential changes based on industry feedback, against a rulemaking process that has run behind schedule as we tracked in our GENIUS Act rulemaking analysis.
Revolut's timing aligns with that calendar. A first-half 2027 launch places the bank in market shortly after the January 18, 2027 date when the GENIUS Act begins restricting unlicensed US payment stablecoin issuance.
The competitive picture is filling in quickly around it. Twenty-one institutions committed on September 1 to form a joint stablecoin company targeting the same window, which means multiple bank-adjacent dollar tokens are aiming at the first half of 2027.
What Still Has to Happen
Three regulatory steps remain and none is procedural. FDIC deposit insurance, Federal Reserve approval for the holding structure, and final OCC authorisation each carry their own review.
Clearing the OCC is generally regarded as the hardest of them, which is why the September 3 decision is being treated as the milestone. It is not the last one.
Revolut has been assembling licences globally in parallel. During 2026 it secured banking licences in France, Australia, and the United Kingdom, a payments licence in the UAE, launched operations in Mexico, and is pursuing authorisations in Brazil, Colombia, Peru, Argentina, and South Africa.
The US remains the gap in that map. Storonsky has said the company cannot build a truly global bank without becoming a full-service bank in the United States, and it has invested close to $500 million in its US expansion to date, entering a market where twenty-one institutions have separately committed to a joint dollar token, as covered in our bank consortium analysis.
Conclusion
Revolut cleared the hardest regulatory gate for a US national bank charter, and the stablecoin element of the approval is narrower than the headlines suggest. Marketing, customer access, and affiliate custody is a distribution role, not an issuance mandate.
That framing is consistent rather than contradictory. Revolut has built its stablecoin position on distribution in Europe and appears to be doing the same in the United States, which is a coherent strategy for a company whose asset is 80 million customers.
What the next year determines is whether the remaining approvals land on schedule. FDIC and Federal Reserve reviews stand between conditional approval and an operating bank, and the first half of 2027 is a target rather than a date.
FAQ:
1. What did the OCC approve?
The Office of the Comptroller of the Currency granted preliminary conditional approval on September 3, 2026 for Revolut to establish Revolut Bank US, National Association. The approval does not authorise the bank to open, and it excludes the proposed retail foreign exchange business, which requires separate supervisory non-objection.
2. Will Revolut Bank US issue a stablecoin?
The OCC decision states the bank's role with regard to Revolut stablecoins will be limited to marketing, providing customer access, and custody through a technology affiliate. The bank represents it will conduct any stablecoin activities in compliance with the GENIUS Act once those rules become effective.
3. What approvals are still required?
Revolut needs FDIC deposit insurance, Federal Reserve approval, and final authorisation from the OCC before the bank can open. Final OCC approval will not be granted until all preopening requirements are satisfied.
4. When will the bank launch?
Revolut is targeting the first half of 2027. The bank will be headquartered in Stamford, Connecticut, capitalised with approximately $95 million, and is expected to employ around 160 staff at launch.
5. How does Revolut serve US customers now?
Revolut currently provides US banking services through Lead Bank, an FDIC member, rather than its own charter. A fully approved national bank charter would let it offer products including FDIC-insured deposits, checking accounts, installment loans, credit cards, and foreign exchange directly.
Disclaimer:
This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.
