Crypto: Revolut Gets Green Light to Launch Its US Bank

Revolut has reached a major milestone in the United States. The Office of the Comptroller of the Currency has granted preliminary conditional approval to Revolut Bank US. The fintech, which has more than 80 million customers, is now targeting a 2027 launch for a digital bank combining deposits, lending, payments and crypto services. OpenReserve received a similar authorization on the same day.

Crypto: Revolut Wants Its Own US Bank

Until now, Revolut has relied in the United States on banks with FDIC insurance. Securing its own license would allow it to reduce that dependence and expand its services. The move comes as part of the global banking sector’s push into stablecoins, which became much more visible in 2026.

The project calls for a fully digital bank based in Stamford, Connecticut, with no branch network.

According to the OCC’s official decision, Revolut Bank US will be able to offer deposits, lending, payments and digital-asset services. The company believes that a direct banking structure will be less costly and more efficient than its current model.

The green light is not yet final, however. Revolut must still obtain FDIC deposit insurance, several approvals from the Federal Reserve and the OCC’s final authorization.

Stablecoins and Custody Enter the Banking Sector

The crypto component is particularly noteworthy.

Revolut plans to offer digital-asset custody and allow customers to use crypto, including stablecoins, for certain international transfers. The group also wants to distribute stablecoins bearing the Revolut brand.

It will not issue them directly, however. A third party will have to handle issuance and manage the reserves, while Revolut will oversee distribution, access and custody, among other functions.

The project will have to comply with the GENIUS Act and future applicable US rules. This regulatory convergence was already visible when Washington and London began aligning their approaches to stablecoins.

One figure also puts the plans into perspective: Revolut expects digital-asset activities to account for less than 2% of the bank’s revenue during its first three years. Crypto is strategic, without becoming the entire business model.

OpenReserve Is Going Even Further

Revolut is not alone. On September 2, the OCC also granted conditional approval to OpenReserve Bank, based in Salt Lake City.

OpenReserve wants to combine traditional banking with blockchain infrastructure. Its project includes tokenized deposits, crypto custody, payment services and even a subsidiary specializing in issuing dollar-backed stablecoins. That subsidiary will nevertheless require a separate regulatory application.

This acceleration is reminiscent of Japan’s megabanks, which are also preparing their stablecoins for 2027.

The OCC now indicates that 23 of the 40 applications for new banking licenses received under the Trump administration include an activity related to digital assets.

For Revolut, the hardest part remains: turning this conditional green light into an operating bank. If the timeline holds, 2027 could nevertheless mark its definitive transition from a crypto-compatible fintech into a genuine US bank.