[Digital Today reporter Chi-gyu Hwang] Revolut's British fintech company U.S. unit will offer FDIC-protected deposit products together with stablecoin services.

According to a recent Reuters report, Revolut U.S. CEO Cetin Duransoy (세틴 두란소이) said the company plans to launch high-yield investment accounts and checking accounts alongside a stablecoin service. It will not open physical branches but will provide access to an ATM network.

Revolut applied for a bank charter with the U.S. Office of the Comptroller of the Currency in March. It shifted to setting up its own bank after withdrawing plans to acquire a U.S. lender. The decision comes as bank charter applications are increasing amid signals from U.S. regulators that are favorable to crypto companies. Kraken secured a master account at the Federal Reserve in March, becoming the first crypto company to do so and allowing it to directly access the core U.S. payment system.

Revolut also obtained a full banking licence in Britain earlier this year and is expanding its crypto business. Last year, it used Polygon to add remittances, POL staking and crypto card payment functions to its app, and it is also taking part in a stablecoin sandbox payment test run by the Financial Conduct Authority.