Revolut's US bank charter targets internationally focused clients with multi-currency accounts, crypto trading, and stablecoins. The move pressures pure-play crypto exchanges.
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Revolut plans to launch a US bank in 2026 that will offer FDIC-insured accounts alongside crypto trading and stablecoin services, according to a Reuters report. The UK fintech applied for a US national bank charter in March. US CEO Cetin Duransoy described the target clients as those with international financial needs, pointing to the app’s support for over 30 currencies.
US clients will gain access to stablecoins, crypto trading, and multi-currency deposits through the bank, Duransoy said. The company will not operate physical branches but will provide ATM network access. This structure embeds digital asset services inside a regulated bank, changing the risk profile for users. FDIC insurance covers the fiat deposit side. Crypto assets themselves are not insured. The stablecoin component implies that Revolut may issue or distribute a dollar-pegged token, though the report did not specify the issuer.
The approach pressures pure-play crypto exchanges that lack FDIC backing and multi-currency account features. Revolut’s model combines a regulated deposit wrapper with digital asset trading, narrowing the gap between traditional banking and crypto access.
Revolut’s US bank will be headquartered in Stamford, Connecticut, with an additional office in New York. The initial focus is on retail and business customers who need multi-currency accounts, foreign exchange, and cross-border payment capabilities. Many of Revolut’s US users already know the platform through its operations in Europe, Latin America, or Asia.
The company has 75 million clients globally but only 1 million in the US. That gap defines the opportunity. The US bank is a vehicle to convert global awareness into deposit relationships and trading revenue. Revolut reported £4.5 billion ($6 billion) in revenue last year and £1.3 billion ($1.75 billion) in net profit. The privately held company was valued at $75 billion in its latest funding round. CEO Nik Storonsky has said Revolut does not plan to list shares before 2028.
Revolut’s move signals that regulated fintechs see a viable path to offering crypto services inside a bank charter rather than as a standalone app. That puts the spotlight on the US Office of the Comptroller of the Currency (OCC), which must approve the national bank charter application. If approved, Revolut would become one of the first fintechs to offer FDIC-insured accounts, crypto trading, and stablecoins under one bank roof.
In the broader sector, similar models are emerging. Kraken has opened US IPO pricing to retail users through its xStocks platform, while Zodia Custody has stated that every bank will need digital asset custody. The regulatory backdrop adds uncertainty – the Lummis vs Dimon clash and the conditional nature of the Iran nuclear pledge for crypto de-escalation both shape how US bank charters may treat digital assets.
The key marker is the OCC decision on Revolut’s charter application. A denial would force Revolut to restructure its US strategy around state licenses or a partnership model. The 2026 timeline gives the company roughly 18 months to secure approval and build out its Connecticut operations.
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