Revolut filed applications with the OCC and FDIC on March 5, 2026 to establish Revolut Bank US, N.A., a fully digital institution headquartered in Stamford, Connecticut, with an additional office in New York. The planned bank will combine federally insured checking and high-yield accounts with direct access to USDC and USDT, stock trading, and multi-currency deposits. The company expects to begin operations in 2027, pending regulatory approval.

Cetin Duransoy, the former Visa, Capital One, and Raisin US executive tapped to lead Revolut's US operations, told Reuters the bank will prioritize customers with cross-border financial needs. He specifically named people managing "multiple currencies, such as dollars, rupees or Latin American currencies" as the primary target group. That framing is deliberate. India received $129 billion in remittances in 2024, the largest total of any country in the world, and the South Asian diaspora in the United States represents one of the highest-volume international money transfer corridors on the planet. The company has framed a federally insured US bank offering fee-free stablecoin conversions as central to its strategy for capturing that market.

Revolut is not starting from scratch on stablecoins. In November 2025, the company launched fee-free, one-to-one swaps between US dollars and both USDC and USDT for its global user base, capped at €500,000 per rolling 30-day window and available across networks including Ethereum, Solana, Tron, and Polygon. Since partnering with Polygon Labs in December 2024 to handle stablecoin remittances in the UK and the European Economic Area, Revolut has processed more than $1.2 billion in on-chain Polygon transactions. The US bank would extend that infrastructure into a regulated, deposit-insured framework for the first time under a US federal charter.

The regulatory timing matters. The Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), the federal law establishing rules for stablecoin issuers in the United States, was enacted on July 18, 2025. Its implementation is now moving through multiple agencies simultaneously: the OCC closed public comment on its proposed rulemaking in May 2026, the FDIC approved its own proposed standards in April 2026, and the Treasury, FinCEN, and OFAC released a joint proposed AML rule with comments due June 9, 2026. The Act's effective date could fall as early as January 18, 2027, almost exactly when Revolut Bank US, N.A. plans to open. In 2025, the OCC received approximately 14 de novo bank charter applications from a wide range of companies, including fintechs, automakers such as Ford and GM, and financial platforms such as Circle, Ripple, PayPal, and Affirm. Circle and Paxos, among others, received conditional national trust bank charters from the OCC in December 2025. Revolut filed its own application separately in March 2026.

The broader stablecoin market provides context for why banks are moving in this direction. Total stablecoin market capitalization reached approximately $321 billion in April 2026, an all-time high. USDT holds around $190 billion of that total, or about 59 percent of the market, while USDC holds roughly $78 billion. Ethereum-based stablecoins account for about $170 billion in supply, and Tron's network holds approximately $87 billion, dominated by USDT. These are not niche instruments anymore. They function as dollar-denominated savings and payment tools across dozens of markets, including regions where Revolut has stated expansion ambitions.

The regional implications extend well beyond the United States. Revolut has formally announced plans to apply for a banking license with the South African Reserve Bank, making South Africa its intended first African market. South Africa's financial regulator began registering crypto asset service providers in 2023, giving it one of the continent's more developed regulatory postures. Meanwhile, Revolut has already secured a payments license in India, committed $670 million to the Indian market over five years, and is on track to base approximately 40 percent of its global workforce, around 5,500 employees, in India by the end of 2026. The company has set a target of 20 million Indian customers by 2030. A US bank offering stablecoin rails to customers managing rupee exposure fits directly into that architecture. Web3 developers in India, Nigeria, Kenya, and South Africa building payment infrastructure should note that each of those countries has signaled active stablecoin policy reviews in 2025 and 2026, and that Revolut's supported networks, including Ethereum, Solana, Tron, and Polygon, are already among the most active in those markets.

Revolut brought in £4.5 billion (roughly $6 billion) in revenue in its most recent financial filing and posted a net profit of £1.3 billion (approximately $1.75 billion). Its private market valuation stood at $75 billion following a secondary offering in November 2025. The company serves 75 million customers globally, of whom about one million are in the United States, and it now operates across more than 40 markets. Revolut is also an active participant in the UK Financial Conduct Authority's dedicated digital-asset regulatory sandbox, a credential that underscores its engagement with formal oversight structures ahead of the US charter process. The company has pledged £10 billion in global investment over five years. The US bank charter, if approved, would give that capital a regulated foundation in the world's largest financial market, arriving precisely as federal stablecoin rules take effect.