According to CoinMeta, Revolut has announced that it has received conditional approval from the Federal Reserve Board of Governors (FRB) to establish a national bank in the United States, with plans to commence operations in 2027. The initial capital injection will be $95 million, and the company also intends to launch stablecoin services. Revolut stated that the FRB approved its application on September 3, marking progress in the application process that began in March. The establishment of this bank must meet certain conditions stipulated by OCC and also requires deposit insurance from the Federal Deposit Insurance Corporation (FDIC) as well as approval from the Federal Reserve Board. Revolut expects to open for business in the first half of 2027 and plans to hire approximately 160 employees.