Global financial services firm Payoneer has filed for a national trust bank charter in the United States. The move, announced on Tuesday, could allow the company to issue its own compliant stablecoin and offer cryptocurrency services, focusing on cross-border transactions for its business clients.
Financial services firm Payoneer has applied for a national trust banking charter in the United States. This application positions the company to potentially issue a stablecoin and provide various crypto-related services.
The filing with the Office of the Comptroller of the Currency (OCC) seeks to form PAYO Digital Bank. This follows a recent partnership with stablecoin infrastructure firm Bridge to add stablecoin capabilities to Payoneer’s platform.
Payoneer stated it aims to issue a GENIUS Act-compliant stablecoin called PAYO-USD. The token would serve as the holding currency in Payoneer wallets and allow customers to pay and receive stablecoins.
OCC approval would enable Payoneer to manage the reserves for PAYO-USD and offer custodial services. It would also allow customers to convert stablecoins into their local currency.
“We believe stablecoins will play a meaningful role in the future of global trade,” said Payoneer CEO John Caplan. The company believes its proposed offerings will help advance the U.S. dollar’s use in global commerce.
The OCC granted conditional approval to Crypto.com for a similar charter earlier this week. Other crypto entities like Circle, Ripple, and Fidelity Digital Assets received charters in December.
World Liberty Financial, associated with the Trump family, applied in January to expand its USD1 stablecoin. Trading platform Laser Platform and Coinbase have also filed charter applications.
Payoneer argues that stablecoins are ideal for business cross-border transfers. The firm states approval would give its nearly two million customers a regulated solution to simplify international trade.
“This offering will help advance the use of the USD in global trade, reduce barriers for American companies competing internationally, and expand the dollar’s presence across non-dollar payment corridors,” the company said. Comptroller of the Currency Jonathan Gould remarked in December that new banking entrants are good for consumers and the economy.
