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The world's most valuable private fintech is about to become a US bank. Revolut plans to launch a US bank next year that will offer FDIC-insured products, stablecoin access, and trading in stocks and cryptocurrencies, US chief executive Cetin Duransoy told Reuters on Tuesday.
The announcement confirms that the British fintech's long-running effort to crack the US market has moved from charter application to operational planning, with a product lineup that makes Revolut the first globally scaled neobank to publicly commit to combining FDIC-insured deposit insurance with native stablecoin services under the same banking license.
The announcement arrives in the same week that SoFiUSD launched as the first national bank stablecoin, MoneyGram launched MGUSD on Stellar for 60 million customers, and Jamie Dimon escalated his CLARITY Act opposition, making June 2026 the most consequential week in US stablecoin banking history.
Key Takeaways
- Revolut's US bank will offer FDIC-insured checking and high-yield accounts, stablecoin services, multi-currency deposits in 30-plus currencies, and crypto and stock trading from 2027.
- Revolut filed its OCC national bank charter application in March 2026 and expects approval and operations to begin in 2027, headquartered in Stamford, Connecticut.
- The initial target market is customers with international banking needs, with Revolut's 75 million global users and 1 million existing US users as the foundation.
June 3, 2026 · Reuters · OCC charter pending · Stamford, Connecticut headquarters
What Revolut's US Bank Will Offer
Revolut plans to offer FDIC-insured checking accounts, high-yield investment accounts, multi-currency deposits supporting more than 30 currencies, stablecoin services, crypto trading, and stock trading through its US platform.
That product combination is structurally significant and commercially unprecedented among US banks. The FDIC insurance covers conventional deposit products.
The stablecoin services sit alongside those insured deposits rather than replacing them. The multi-currency deposit layer supports more than 30 currencies. And the crypto and stock trading layers complete a financial superapp that no US-chartered bank currently offers at comparable breadth.
A federal charter would let Revolut offer insured deposits directly rather than through partner banks, while gaining access to Federal Reserve payment rails such as Fedwire and ACH.
That access to Fed payment rails is the most practically significant consequence of the charter approval for Revolut's US operations. Currently, Revolut's US product relies on partner bank infrastructure for payments and deposits. A national bank charter removes that dependency and gives Revolut the same direct payment system access that JPMorgan, Bank of America, and SoFi Bank have.
As covered in our SoFiUSD analysis, SoFi Bank is the only OCC-chartered national bank to have already launched a stablecoin. Revolut's charter application, if approved, would create a second OCC-chartered national bank with stablecoin services, further establishing the national bank stablecoin category that SoFi's launch pioneered this week.
The Target Market: International Customers First
Revolut US CEO Cetin Duransoy has said the initial focus will be on business and retail customers with international banking needs, especially people who regularly transact in multiple currencies across different regions.
That initial target market is commercially precise. Revolut's global product is already strongest for users who move money across borders frequently, hold balances in multiple currencies, and need a financial account that does not penalize international transactions with fees and delays. Its 30-plus currency multi-currency deposit layer is the most direct expression of that positioning.
Revolut serves 75 million customers worldwide, with 1 million based in the United States. That 1 million US user base is the immediate distribution advantage: users who already know the Revolut product from their time living or working in Europe, Latin America, or Asia and who currently manage their US-based finances through traditional banks with worse multi-currency and crypto capabilities.
The no-branch digital model is consistent with Revolut's global architecture. Revolut does not plan to open physical branches in the United States. Customers will access their accounts digitally and use ATM networks for cash needs.
The OCC Charter Application and Timeline
Revolut filed for a US national bank charter with the OCC and FDIC on March 5, 2026, aiming to operate across all 50 states under its own regulated entity, Revolut Bank US, N.A.
Duransoy expects the bank to begin operating in 2027, headquartered in Stamford, Connecticut, with an additional office in New York.
The OCC charter timeline is the primary uncertainty in Revolut's US banking plan. The OCC charter application process is rigorous and has historically taken 12 to 24 months from application to approval for established institutions. Revolut filed in March 2026 and expects to begin operations in 2027, which implies an optimistic but not implausible 12 to 18 month approval timeline.
As covered in our OCC crypto charter debate analysis, the OCC's willingness to grant national bank charters to crypto and stablecoin-adjacent fintechs is actively contested. Senator Warren has raised concerns about the criteria being applied.
The British fintech applied for a US national bank charter in March, submitting its application to the Office of the Comptroller of the Currency and the FDIC and naming Duransoy as US CEO. The dual OCC and FDIC application path reflects the standard national bank charter process where both regulators are involved in the approval review.
The FCA Regulatory Sandbox: UK Stablecoin Positioning
The US banking announcement does not stand alone. Revolut's push into the US tracks parallel regulatory work elsewhere, including the UK, where the Financial Conduct Authority selected Revolut for a dedicated stablecoin cohort within its Regulatory Sandbox to test issuance and payment use cases under the country's proposed framework.
The work positions the company across several jurisdictions that are writing rules for digital-asset products at the same time.
This dual-jurisdiction regulatory positioning is deliberate and commercially significant.
As covered in our Aave Labs UK FCA registration analysis, the FCA's stablecoin regulatory sandbox is a carefully controlled testing environment for companies whose stablecoin products the FCA believes are credible enough to evaluate under its developing framework.
Revolut's selection for that sandbox alongside its US OCC charter application makes it the only globally scaled fintech actively pursuing stablecoin regulatory approval in both the US and UK simultaneously.
What This Means for US Stablecoin Banking Competition
Revolut's US banking plans add a third major player to the national bank stablecoin category alongside SoFiUSD and the broader GENIUS Act PPSI framework being built for state bank subsidiaries.
The competitive implication is that the US stablecoin banking market is moving from zero national bank chartered stablecoin providers in 2025 to potentially three or more in 2027, with each targeting a distinct customer segment.
SoFi targets its existing 15 million member base with a banking-integrated stablecoin. Revolut targets internationally mobile users who need multi-currency banking. And the GENIUS Act PPSI framework enables a broader range of state bank-affiliated stablecoin issuers.
Revolut reported 4.5 billion pounds in revenue last year along with 1.3 billion pounds in net profit. The privately held company was valued at $75 billion in its latest funding round.
Those financials make Revolut one of the most commercially scaled fintechs in the world, and its US banking expansion brings that commercial scale into direct competition with US banking incumbents in a way that its current partner-bank model cannot.
Conclusion
Revolut's US bank announcement is the latest and most internationally significant confirmation that the stablecoin banking category is being built simultaneously by multiple well-capitalized institutions rather than by a single first mover.
A $75 billion fintech with 75 million global customers, FDIC-insured deposits, stablecoin services, 30-plus currency multi-currency deposits, and direct Fed payment rail access in a single app represents a product combination that no US incumbent currently offers.
The OCC charter approval is the critical variable. If it comes through on the 2027 timeline Duransoy expects, Revolut enters the US market with the most comprehensive integrated banking and stablecoin product that any chartered institution has yet announced.
FAQ:
1. What products will Revolut's US bank offer?
Revolut's US bank plans to offer FDIC-insured checking accounts and high-yield investment accounts, stablecoin services, multi-currency deposits supporting more than 30 currencies, crypto trading, and stock trading through its US platform, according to US CEO Cetin Duransoy in an interview with Reuters published on June 3, 2026, with operations expected to begin in 2027 pending approval of the company's OCC national bank charter application filed in March 2026.
2. What is the difference between Revolut's US bank and SoFi Bank as stablecoin banking products?
The difference between Revolut's US bank and SoFi Bank as stablecoin banking products is that SoFi Bank is already an OCC-chartered national bank that launched SoFiUSD as the first national bank stablecoin in May 2026 with stablecoin services integrated into its existing 15 million member banking platform, while Revolut's US bank is in the charter application stage with operations expected in 2027 targeting internationally focused customers with multi-currency deposits across 30-plus currencies alongside stablecoin services, meaning SoFi is the first mover in the national bank stablecoin category and Revolut will enter as the first globally scaled multi-currency neobank with a national bank charter if its OCC application is approved.
3. When will Revolut's US bank launch and where will it be headquartered?
Revolut's US bank is expected to begin operating in 2027 pending OCC national bank charter approval, headquartered in Stamford, Connecticut, with an additional office in New York, operating as a fully digital bank with no physical branches and ATM network access for cash needs, initially focused on business and retail customers with international banking needs who regularly transact in multiple currencies.
4. What is the difference between Revolut's current US product and its planned US bank?
The difference between Revolut's current US product and its planned US bank is that the current US offering relies on partner bank infrastructure for deposits and payments, limiting the product depth and regulatory standing that Revolut can offer to US customers, while the planned national bank under an OCC charter would allow Revolut to offer FDIC-insured deposits directly rather than through partners, gain access to Federal Reserve payment rails including Fedwire and ACH directly, and offer stablecoin services and multi-currency deposits under its own regulated banking entity rather than through third-party banking relationships.
5. Why is Revolut filing for an OCC national bank charter rather than a state banking license?
Revolut is filing for an OCC national bank charter rather than a state banking license because a national bank charter allows the company to operate across all 50 US states under a single federal regulatory framework rather than navigating individual state banking license requirements in each state it wants to serve, while also providing access to Federal Reserve payment infrastructure including Fedwire and ACH that state-licensed fintechs access through correspondent banking relationships rather than directly, giving Revolut the same payment system standing as major US banks.
6. What does Revolut's selection for the FCA stablecoin sandbox mean alongside its US charter application?
Revolut's selection for the FCA's dedicated stablecoin cohort within its Regulatory Sandbox alongside its US OCC national bank charter application means the company is actively pursuing stablecoin regulatory approval in both the UK and the US simultaneously, positioning it as the only globally scaled fintech testing stablecoin issuance and payment use cases under the FCA's developing UK framework while also building toward a US national bank charter that would allow it to offer stablecoin services under OCC supervision, creating a dual-jurisdiction stablecoin regulatory standing that no other neobank currently holds at comparable commercial scale.
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.
