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FollowingRevolut received a conditional license from the National Bank of the United States, years before it officially opens.
On Thursday, Revolut crossed one of the three thresholds of federal supervision-the Office of the Comptroller of the Currency (OCC) conditionally approved its National Bank license. The fintech company still needs approval from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve before it can officially open. The company said this step will take at least another year and is scheduled to be officially launched in the first half of 2027.
Three approval documents determine whether deposit business can be implemented.
On September 3, the U.S. Office of the Comptroller of the Currency announced that it approved Revolut's application and allowed it to establish a bank called "Revolut Bank US, N.A." entity. However, the bank has not yet been allowed to take deposits.
Revolut still needs to meet the conditions set by the OCC, obtain deposit insurance from the FDIC and approval from the Federal Reserve, and then return to the OCC to apply for final approval. Revolut said it had submitted relevant materials for its license application in March this year.
"We thank the OCC for maintaining an open and transparent dialogue throughout the process," said Cetin Duransoysaid, CEO of Revolut USA. He said the timetable puts the company "on track to launch our proposed National Bank in 2027."
The proposed bank will be located in Stanford, Connecticut, with an initial capital of approximately US$95 million and is expected to hire approximately 160 employees after operation. Currently, Revolut serves U.S. customers through Lead Bank, a member bank of the FDIC, rather than through its own license. After obtaining the license, Revolut will be able to hold deposits independently without having to rely on cooperative banks to manage underlying accounts.
Once the bank is approved by regulators, its product list will include checking accounts, credit cards, installment loans and foreign exchange services. Stable coins are also on the product list, but Revolut has not yet clarified which currency, network or reserve mechanism it uses.
After the launch of the consumer business, the next step may involve corporate banking. However, housing mortgages were not included in the plan for the first three years.
The GENIUS Act determines the fate of stablecoins
Banking licenses alone will not solve Revolut's stablecoins problem. In the United States, payment stablecoins are subject to the GENIUS Act, which was signed into law in July 2025, stipulating that stablecoins can only be issued by licensed issuers and giving the OCC regulatory powers in reserves, redemptions, auditing, and custody. At that time, the FDIC's deposit insurance will cover eligible deposits.
According to reports, in December 2025, the volume of stablecoin transfers on Revolut hit a record high of US$1.2 billion.
In the past year, Coinbase, Paxos, BitGo, Ripple and Circle have all received conditional approval from the OCC. Last month, the OCC also approved President Donald Trump's World Liberty Financial.
Jonathan Gould, head of the OCC, said companies engaged in cryptocurrencies and other new technologies should "have a way to become federally regulated banks." Since 2025, the agency has received 40 applications for new banking licenses, of which 21 were approved and 2 were rejected.
Conditional approval "provides us with the foundation to grow in the world's largest financial market and bring the complete Revolut experience to millions of Americans," said Nik Storonsky, founder and group CEO of Revolut.
The company has more than 80 million customers worldwide. According to Revolut, it has obtained banking licenses in France, Australia and the United Kingdom, and has obtained payment licenses in the United Arab Emirates.
