Revolut seeks U.S. bank charter for FDIC accounts and stablecoins

Revolut filed for a U.S. banking charter with the Office of the Comptroller of the Currency in early March after abandoning plans to acquire a U.S. lender. The company says the charter would let it hold deposits directly and offer FDIC insurance to customers.

The proposed bank would not open physical branches. Customers would access cash through ATM networks while using mobile and online services for account management. The product lineup under consideration includes checking accounts, high-yield investment-style deposit accounts and services connected to fiat-pegged stablecoins.

Cetin Duransoy, who was recently appointed to lead Revolut’s U.S. operations, described the plan as a branchless bank that combines traditional deposit products with digital-asset features. He noted clients would use ATM partners for cash withdrawals.

An OCC charter would allow Revolut to offer FDIC-insured accounts directly rather than relying on partner banks. The firm expects the charter to create a regulated framework for integrating crypto-linked products, subject to the terms and conditions set by U.S. regulators.

The application arrives amid a wave of charter and payment-access requests from fintech and crypto firms. One crypto-native company recently received a limited master account with the Federal Reserve, giving it direct access to core payment rails. Industry filings show a notable number of new bank applications submitted to the OCC last year.

Revolut has expanded its regulatory footprint and product set in recent years. Earlier this year the company received approval to launch a fully licensed bank in the United Kingdom. It has also added crypto features, including blockchain-enabled remittances, digital-asset staking, crypto card payments and participation in a fiat-pegged stablecoin testing programme.

The OCC application is under review. Any launch of the U.S. bank will depend on regulatory approval and finalisation of the bank’s operating plans.