Revolut plans U.S. bank push with stablecoin services in focus

Revolut has announced plans to launch a U.S. bank next year, offering FDIC-insured accounts and stablecoin services as it deepens its push into American financial services.

Reuters reported, citing newly appointed Revolut U.S. CEO Cetin Duransoy, that the British fintech plans to offer high-yield investment accounts, checking accounts, stablecoins, multi-currency deposits, stock trading, and crypto trading through its U.S. platform.

The company does not plan to open physical branches in the United States, Reuters reported. Duransoy told the news agency that customers will instead get access to ATM networks.

Revolut targets U.S. banking charter

Revolut filed an application for a U.S. national bank charter with the Office of the Comptroller of the Currency in early March, according to Reuters. The filing came after the company dropped an earlier plan to buy a U.S. lender. According to the report, the proposed bank will be based in Stamford, Connecticut, with another office in New York.

Duransoy told Reuters that Revolut will first focus on business and retail customers who need access to several currencies. He said those customers may need dollars, rupees, or Latin American currencies. The company’s app already supports services in more than 30 currencies, according to the report.

Stablecoins sit beside traditional accounts

In the U.S., Revolut plans to combine insured banking products with crypto-linked services, according to Reuters. The planned product list includes FDIC-insured checking accounts and high-yield investment accounts, while the same platform will also offer stablecoins and digital asset trading.

The report places Revolut’s application within a new round of bank charter filings from firms tied to crypto and fintech. Reuters said U.S. regulators, including the OCC, have taken a more open approach toward such applications.

Kraken became the first crypto-native company to receive a “skinny” master account with the Federal Reserve in March, according to the report. Reuters said the account gives Kraken direct access to core U.S. payment systems.

U.S. expansion remains a key goal

Revolut serves 75 million customers globally, Reuters reported. The company has about 1 million U.S. customers, many of whom first used the app while traveling or living in Europe, Latin America, or Asia, according to Duransoy.

The U.S. plan follows Revolut’s long-running effort to build what it has called “the world’s first truly global bank.” Earlier this year, the company received approval to launch a fully licensed bank in the United Kingdom, according to the report.

Revolut reported revenue of 4.5 billion pounds, or about $6 billion, last year, according to Reuters. The company also posted a net profit of 1.3 billion pounds, or about $1.75 billion.

The privately held fintech was valued at $75 billion in its latest funding round, Reuters reported. CEO Nik Storonsky has said publicly that the company does not plan to list shares before 2028.

At the same time, Revolut has expanded its crypto work. Last year, the firm tapped Polygon to support remittances, POL staking, and crypto card payments in its main app. The company was also selected by the Financial Conduct Authority to join a fiat-pegged stablecoin sandbox payments trial, according to the report.