Payoneer Joins Wave of Crypto‑Focused Fintechs Applying for U.S. National Trust Bank Charters
June 25 2026 –
The global payments network Payoneer announced on Tuesday that it has submitted an application to the Office of the Comptroller of the Currency (OCC) to create a national trust bank, “PAYO Digital Bank.” The move places the company among an expanding roster of crypto‑related firms seeking federal banking charters that would allow them to issue stablecoins, provide custodial services and integrate a broader suite of digital‑asset offerings.
Payoneer’s Charter Request and Stablecoin Plans
Payoneer’s filing seeks approval to launch a GENIUS Act‑compliant stablecoin, PAYO‑USD, which would be used as the unit of account within Payoneer wallets. If granted, the charter would also permit the firm to:
- Hold and manage the fiat reserves backing PAYO‑USD.
- Offer custodial storage of the stablecoin for its customers.
- Enable on‑ramp and off‑ramp transactions, converting PAYO‑USD to local currencies.
The company recently partnered with Bridge, a stablecoin‑infrastructure provider, to embed stablecoin capabilities into its cross‑border payments platform. Payoneer CEO John Caplan indicated that the firm sees “stablecoins playing a meaningful role in the future of global trade,” especially for its nearly two million small‑ and medium‑sized business (SMB) clients.
A Growing Trend Among Crypto‑Friendly Fintechs
Payoneer’s application follows a series of recent OCC approvals and pending requests:
| Company | Status (as of June 2026) | Primary Goal |
|---|---|---|
| Crypto.com | Conditional charter approved (May 2026) | Offer a full suite of banking services, including stablecoin issuance. |
| Circle, Ripple, Fidelity Digital Assets, BitGo, Paxos | Charters granted in December 2025 | Enable regulated custodial and settlement services for crypto assets. |
| World Liberty Financial (Trump family) | Application submitted Jan 2026, pending | Expand usage of its USD1 stablecoin. |
| Laser Platform | Application submitted Jan 2026, pending | Provide crypto‑trading infrastructure with banking functions. |
| Coinbase | Application filed Oct 2025, awaiting decision | Seek to become a full‑service national trust bank. |
The OCC’s willingness to entertain these applications marks a significant shift from the traditional U.S. banking model, where only a handful of large, legacy institutions have been granted such charters.
Why the National Trust Charter Matters
A national trust charter provides several advantages to fintechs:
- Regulatory Clarity: Oversight by the OCC and adherence to the GENIUS Act (which mandates reserve backing for stablecoins) creates a clear compliance framework.
- Access to Federal Payment Systems: Charter holders can connect directly to the Fedwire and ACH networks, lowering costs and latency for cross‑border settlements.
- Consumer Trust: A federally chartered bank conveys legitimacy, potentially attracting institutional partners and larger corporate clients.
For Payoneer, the charter could transform its existing cross‑border platform—currently built on fiat transfers—into a hybrid system where stablecoins act as a bridge currency, reducing FX conversion steps and settlement times.
Potential Impact on Global Trade
Payoneer estimates that its SMB customer base could benefit from:
- Faster Payments: Stablecoins settle in seconds, compared with the multi‑day timelines typical of traditional correspondent banking.
- Lower Costs: By bypassing some intermediary fees, businesses can retain a greater share of revenue.
- Expanded Dollar Reach: PAYO‑USD would allow U.S. dollars to flow through non‑dollar corridors, enhancing liquidity in markets where the dollar is under‑represented.
If the OCC grants the charter, Payoneer would join a nascent ecosystem of regulated crypto banks that could collectively pressure traditional banks to modernize their international payment services.
Challenges and Risks
- Regulatory Scrutiny: The OCC will evaluate Payoneer’s AML/KYC controls, reserve management practices, and governance structures. Recent congressional hearings suggest that legislators remain wary of stablecoin systemic risk.
- Market Competition: Established crypto banks such as Circle’s USDC and Paxos’ stablecoin offerings already enjoy broad adoption; Payoneer will need to differentiate its product.
- Technology Integration: Seamlessly linking stablecoin flows with Payoneer’s existing fiat infrastructure will require robust, real‑time risk monitoring and settlement systems.
Key Takeaways
- Payoneer has officially filed for a U.S. national trust charter to launch a GENIUS Act‑compliant stablecoin, PAYO‑USD, and to provide custodian and conversion services.
- The OCC is rapidly expanding the pool of chartered crypto firms, with recent approvals for Crypto.com, Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos, and pending applications from World Liberty Financial, Laser Platform and Coinbase.
- A charter would give Payoneer direct access to federal payment networks, potentially lowering costs and settlement times for its ~2 million SMB customers engaged in cross‑border trade.
- Regulatory compliance and reserve management will be critical to securing OCC approval and maintaining market confidence.
- If approved, Payoneer could help broaden the use of the U.S. dollar in global commerce by offering a regulated, digital bridge currency that operates alongside traditional fiat transfers.
The outcome of Payoneer’s application will be closely watched by both the fintech community and regulators, as it may signal the next phase in the integration of stablecoins into mainstream international payments.
The information in this article reflects publicly available statements and filings as of June 2026. Readers are encouraged to verify details independently.
Source: https://cointelegraph.com/news/payoneer-latest-crypto-fintech-file-occ-bank-charter?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
