- Revolut US bank receives preliminary OCC approval but cannot open until final regulatory conditions are met.
- The proposed bank needs at least $95 million in capital and plans a branchless Stamford headquarters.
- Revolut plans deposits, credit and third-party stablecoin access, while retail FX needs separate OCC clearance.
Revolut US bank has moved closer to launch after the OCC granted preliminary conditional approval. The proposed national bank targets a 2027 opening in Stamford, Connecticut. It cannot accept deposits or begin banking operations under this decision.
Revolut must secure FDIC insurance, Federal Reserve approvals and final OCC authorization before opening. The company filed its application in March.
Revolut US bank must complete three approval stages
The OCC decision says the proposal meets certain regulatory and policy requirements. Final approval depends on every preopening condition. Regulators may modify, suspend or rescind the preliminary decision if later developments create concerns.
The bank must hold at least $95 million in paid-in capital after organizational costs. It also needs a 10% tier 1 leverage ratio during its first three years. Approval expires unless Revolut raises the capital within 12 months or opens the bank within 18 months.
Revolut US bank plans a branchless digital operation based in Stamford. The group currently serves American customers through FDIC-insured partner banks. Its own charter would give the company direct control over deposit and credit services across its future U.S. operations.
Nik Storonsky called the decision “an important first step” toward establishing the proposed bank.
Digital banking plan includes stablecoins but limits risk
Revolut expects to offer deposit and credit products, payments, custody and remittances. Revolut US bank would serve retail and business customers through its digital application.
The OCC filing projects digital asset revenue below 2% of total revenue during the first three years. The bank will not hold digital assets on its balance sheet. Revolut Ltd would provide nonfiduciary custody through an affiliate arrangement.
Revolut-branded stablecoins would come from a third-party issuer. The bank would market access and custody without issuing tokens or managing reserves. Related activities must follow the GENIUS Act and applicable regulations.
Retail foreign exchange is not included in the conditional approval. Revolut needs an OCC supervisory non-objection before starting that service. Revolut US bank must also notify the agency before making material changes to its business plan.
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