Revolut plans to launch a U.S. national bank that would offer FDIC-insured accounts, stablecoin access, stock trading, and cryptocurrency trading. U.S. chief executive Cetin Duransoy told Reuters that the bank is expected to begin operating in 2027, with headquarters in Stamford, Connecticut, and an additional office in New York.
Charter application filed in March
The British fintech submitted its application for a U.S. national bank charter in March to the Office of the Comptroller of the Currency and the FDIC, naming Duransoy as U.S. CEO. If approved, the federal charter would allow Revolut to take insured deposits directly instead of relying on partner banks. It would also open access to Federal Reserve payment rails, including Fedwire and ACH.
The setup points to a fully digital banking model. Duransoy said the bank would serve customers through ATM networks rather than physical branches, keeping the operation online instead of building a traditional branch footprint.
Stablecoins and multi-currency deposits for U.S. users
Under the planned structure, U.S. customers would be able to access stablecoins, hold deposits in multiple currencies, and trade both stocks and cryptocurrencies through the same platform. Duransoy said the company will first target retail and business users with cross-border money needs, especially those dealing in dollars, rupees, and Latin American currencies. The app currently supports more than 30 currencies.
The stablecoin feature would extend products Revolut already offers in other markets. The company has introduced 1:1 USD swaps for USDC and USDT, allowing users to move between fiat and crypto without fees or spreads. If the U.S. banking plan moves ahead, that type of crypto functionality would be carried into domestic accounts.
75 million global users and $75 billion valuation
Revolut says it serves 75 million customers worldwide, including about 1 million in the United States. According to Duransoy, many of its American users first encountered the platform in Europe, Latin America, or Asia before continuing to use it back home.
On the financial side, the company reported 4.5 billion pounds in revenue last year, or about $6 billion, and net profit of 1.3 billion pounds, roughly $1.75 billion. In its most recent funding round, the privately held firm was valued at $75 billion.
UK stablecoin sandbox work continues in parallel
Revolut's U.S. banking push is moving alongside regulatory work in the UK. The Financial Conduct Authority has selected the company for a dedicated stablecoin cohort in its Regulatory Sandbox, where issuance and payments use cases are being tested under the country's proposed framework. Chief executive Nik Storonsky has also said publicly that Revolut does not plan to list before 2028, leaving the U.S. bank buildout as one of its near-term growth priorities.