Payoneer has filed with the Office of the Comptroller of the Currency to establish PAYO Digital Bank, seeking a national trust banking charter that would allow it to issue a stablecoin and expand into crypto services.
The application follows a recent partnership with stablecoin infrastructure firm Bridge and outlines plans to launch a GENIUS Act-compliant stablecoin, PAYO-USD, to serve as the holding currency within Payoneer wallets and support stablecoin payments and receipts.
“We believe stablecoins will play a meaningful role in the future of global trade,"
Said Payoneer chief executive, John Caplan.
If approved, the charter would permit Payoneer to manage PAYO-USD reserves, provide custodial services and facilitate conversions between stablecoins and local currencies for its nearly two million customers, primarily small and medium-sized businesses engaged in cross-border commerce.
The move comes after Crypto.com received conditional approval for a charter and as firms including Coinbase, World Liberty Financial and Laser Digital pursue similar approvals.
In December, Comptroller of the Currency Jonathan Gould said new entrants to the federal banking system were “good for consumers, the banking industry and the economy as they provide access to new products, services and sources of credit to consumers, and ensure a dynamic, competitive and diverse banking system.”