Payoneer Files for US Bank Charter to Launch Stablecoin

Payoneer Files for US National Trust Bank Charter – Stablecoin Plans Expand in Growing Fintech Push

Key Takeaways

• Payoneer has filed with the US Office of the Comptroller of the Currency to form PAYO Digital Bank.
• The company aims to issue a GENIUS Act compliant stablecoin called PAYO-USD.
• OCC approval would allow Payoneer to manage reserves, provide custody and enable stablecoin to fiat conversion.
• Crypto.com recently received conditional approval for a US bank charter, while several other crypto firms are awaiting decisions.

Payoneer Submits Application to the Office of the Comptroller of the Currency

Global financial services firm Payoneer has applied for a national trust banking charter in the United States. The company confirmed that it filed with the Office of the Comptroller of the Currency, or OCC, to establish an entity named PAYO Digital Bank.

The application places Payoneer among a growing number of fintech and crypto focused companies seeking entry into the US federal banking system. A national trust charter would allow the company to operate under federal oversight and expand its range of regulated financial services.

The move follows a recent partnership between Payoneer and stablecoin infrastructure firm Bridge. That agreement was announced one week before the OCC filing and is intended to add stablecoin capabilities to Payoneer’s platform, which primarily serves cross border transactions.

Planned Stablecoin PAYO-USD and Intended Use Cases

As part of its charter application, Payoneer said it intends to issue a stablecoin named PAYO-USD. According to the company, the token would be compliant with the GENIUS Act and designed to function as the holding currency in Payoneer wallets.

The proposed stablecoin would also allow customers to send and receive stablecoins directly through the platform. If approved by the OCC, Payoneer would be authorized to manage the reserves backing PAYO-USD, provide custodial services, and enable customers to convert stablecoins into their local currencies.

Payoneer’s customer base includes nearly two million users, most of whom are small and medium sized businesses. The company stated that a regulated stablecoin could simplify cross border trade by providing a digital dollar based settlement option within its ecosystem.

According to Payoneer, stablecoins could play a meaningful role in global trade. The company also said that its offering could help advance the use of the US dollar in international transactions, reduce barriers for American companies operating abroad, and expand the dollar’s presence in non dollar payment corridors.

Part of a Broader Wave of Crypto and Fintech Charter Applications

Payoneer’s filing comes amid a broader wave of applications from crypto and fintech companies seeking US bank charters.

Earlier this week, the OCC granted conditional approval to Crypto.com for a banking charter. In December, several crypto firms secured charters, including Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos.

Other applicants are still awaiting decisions. World Liberty Financial, associated with the Trump family, applied in January to expand the use of its USD1 stablecoin. Crypto trading platform Laser Platform also submitted an application in January. Coinbase has been waiting for a decision on its application since October.

These developments indicate increased interest from digital asset firms in obtaining federal banking status. A national trust charter can provide a regulated framework for activities such as custody, reserve management and digital asset related financial services.

In December, Comptroller of the Currency Jonathan Gould stated that new entrants into the federal banking sector are positive for consumers, the banking industry and the broader economy. He said that additional participants can provide access to new products and services, new sources of credit and contribute to a competitive and diverse banking system.

Relevance for Cross Border Payments and Digital Asset Users

Payoneer’s core business focuses on cross border payments. The company positions stablecoins as a tool that could streamline international settlements, particularly for small and medium sized enterprises engaged in global trade.

If PAYO-USD is approved and launched, customers would be able to hold balances in a stablecoin within their Payoneer wallets. They could also convert those holdings into local currencies, subject to regulatory approval and operational implementation under the OCC framework.

For digital asset users and businesses that rely on cross border transfers, a federally regulated stablecoin issuer could provide an alternative settlement mechanism within a supervised US banking structure. At the same time, the outcome of the OCC review process will determine whether Payoneer can proceed with its plans.

Our Assessment

Payoneer has formally entered the group of fintech and crypto companies seeking US national trust bank charters. The company’s application to establish PAYO Digital Bank is directly linked to its plan to issue the PAYO-USD stablecoin and expand regulated crypto related services. With Crypto.com having received conditional approval and several other firms awaiting decisions, the OCC is currently reviewing multiple applications that could shape how stablecoins and digital asset services operate within the US federal banking system.