OCC limits Revolut Bank US to marketing, custody of stablecoin

On Sept. 3, 2026 the Office of the Comptroller of the Currency granted preliminary conditional approval for Revolut Bank US, N.A., under Corporate Decision #1390. The OCC limited the bank’s role on a planned Revolut stablecoin to marketing, providing customer access and custody through a non-bank technology affiliate.

The decision states that issuance, reserve management and the redemption obligation for any Revolut stablecoin would remain with the technology affiliate rather than on the bank’s balance sheet.

The OCC’s approval is conditional and does not authorise the bank to open. Revolut must secure FDIC deposit insurance, Federal Reserve approval for its holding-company structure and final OCC authorisation before beginning operations. The conditional approval excludes the proposed retail foreign exchange business, which requires a separate supervisory non-objection.

Revolut plans to capitalise the bank with about $95 million, locate its headquarters in Stamford, Connecticut, and employ roughly 160 staff at launch. The company is targeting a first-half 2027 start date.

The company told the OCC it will conduct any stablecoin activities in line with the GENIUS Act and related regulations once they are in effect. Comptroller Jonathan Gould has indicated the OCC aims to finalise GENIUS Act implementing rules by November, and the law begins to restrict unlicensed payment stablecoin issuance on Jan. 18, 2027.

The planned US arrangement resembles Revolut’s European setup, where a separate Luxembourg entity issues the euro stablecoin EURR while Revolut handles customer distribution. The OCC framed the US bank’s role as distribution and custody rather than issuance.

Twenty-one organisations have committed to form a joint stablecoin company targeting the first half of 2027, and other bank-linked dollar tokens are also aiming for similar windows.

Revolut currently serves US customers through Lead Bank, an FDIC member, instead of its own charter. The company has obtained banking licences in France, Australia and the UK, a payments licence in the UAE, launched operations in Mexico, and is pursuing authorisations in Brazil, Colombia, Peru, Argentina and South Africa. The firm reported about $500 million in spending on its US expansion.

Revolut founder and CEO Nik Storonsky called the conditional OCC approval an important first step for the proposed bank. Final authorisation will follow after the company satisfies all preopening conditions and receives the remaining federal approvals. If those approvals arrive on schedule, Revolut Bank US could begin operating in the first half of 2027 with distribution and custody roles for a stablecoin housed in a technology affiliate.