Global payments company Payoneer has become the latest firm to apply for a national trust bank charter in the United States — a move that could pave the way for it to launch a stablecoin and expand its crypto-related services.
On Tuesday, Payoneer said it filed an application with the Office of the Comptroller of the Currency to establish PAYO Digital Bank. The filing comes one week after the company partnered with stablecoin infrastructure provider Bridge to integrate stablecoin capabilities into its cross-border payments platform.
Payoneer said it intends to issue a GENIUS Act-compliant stablecoin called PAYO-USD, which would function as the primary holding currency in Payoneer wallets while also allowing customers to send and receive stablecoins.
If approved by the OCC, Payoneer would be able to manage the reserves backing PAYO-USD, provide custodial services and facilitate conversions between stablecoins and local currencies.
“We believe stablecoins will play a meaningful role in the future of global trade,” CEO John Caplan said.
The Office of the Comptroller of the Currency granted conditional approval for a national trust bank charter to Crypto.com on Monday, adding to a growing list of crypto-focused firms that secured charters in December, including Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos.
In January, World Liberty Financial, backed by the Trump family, also applied for a charter to broaden the use of its USD1 stablecoin, but a decision is still pending. That same month, crypto trading venue Laser Platform filed its own application, while Coinbase has been awaiting a ruling on its bid since October.
Stablecoins seen as tool for cross-border business
Payoneer said that securing OCC approval would allow it to provide its nearly two million customers — primarily small and medium-sized businesses — with a regulated stablecoin solution aimed at streamlining cross-border transactions.
The company said the initiative would support greater use of the US dollar in global commerce, lower barriers for American firms competing overseas and expand the dollar’s reach in payment corridors where it is not typically dominant.
In December, Comptroller of the Currency Jonathan Gould said that new entrants into the federal banking system benefit consumers, the financial sector and the broader economy by increasing access to innovative products, services and credit, while fostering a competitive and diverse banking landscape.
