Payoneer Files for US Banking Charter to Issue Stablecoin

Global payments firm Payoneer filed this week for a US national trust bank charter, announcing a move that could let it launch a regulated stablecoin and expand its crypto offerings. The application follows its recent partnership with infrastructure firm Bridge to integrate stablecoin capabilities for cross-border payments.

Consequently, the proposed PAYO Digital Bank would enable Payoneer to issue the PAYO-USD stablecoin for use in customer wallets. CEO John Caplan stated, “We believe stablecoins will play a meaningful role in the future of global trade,” according to the company’s announcement.
Meanwhile, the Office of the Comptroller of the Currency (OCC) gave conditional approval to Crypto.com just a day earlier. This continues a pattern of crypto firms like Circle and Paxos securing similar national trust bank charters in recent months.

However, Payoneer is not alone in the regulatory queue. The Trump family’s World Liberty Financial applied in January to expand its stablecoin, and Coinbase has awaited a decision since October. The stablecoin push aims to simplify international business transfers for Payoneer’s millions of customers.

Consequently, OCC approval would allow Payoneer to manage reserves and offer custodial services. The company argues this will advance the US dollar’s role in global trade by reducing barriers for American companies.

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