Revolut Set to Launch US Bank with Stablecoin and FDIC-Insured Services

Revolut's expansion into the US market continues to take shape, with the company planning to launch a fully-fledged bank offering a range of financial services. The new bank will provide customers with FDIC-insured accounts, multi-currency deposits, and stock trading capabilities, in addition to access to stablecoins.

The company's US CEO, Cetin Duransoy, stated that the bank will initially target retail and business customers who require international banking services. This demographic is expected to be drawn to Revolut's offerings due to their global presence and existing relationships with customers managing multiple currencies.

Revolut has applied for a national bank charter with the Office of the Comptroller of the Currency (OCC), which will enable the company to offer federally insured banking products across the country. This move is in line with US regulators' more open approach to crypto-related banking applications, as seen with recent approvals granted to Nubank and Crypto.com.