Wise to Resubmit U.S. Trust Bank Application Under New Stablecoin Law
Wise plans to submit a revised application for a U.S. national trust bank charter, this time under the regulatory framework created by the GENIUS Act, after the Office of the Comptroller of the Currency (OCC) rejected its initial bid in July 2026. The company, which processed $243.5 billion in cross-border payment volume in fiscal 2026, said the move does not alter its commitment to lowering the cost of international money transfers.
OCC Rejection and the Shift to the GENIUS Act
Wise initially filed for a national trust bank charter in June 2025, seeking direct access to U.S. payment systems through a Federal Reserve Master Account. However, the regulatory market shifted significantly after that filing. The OCC informed Wise on July 21, 2026, that the application no longer met revised Federal Reserve policies, which now restrict Master Account access for uninsured trust banks.
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In response, Wise is turning to the GENIUS Act, a federal stablecoin law passed on July 18, 2025. The law created a comprehensive regulatory system for payment stablecoins in the United States. Wise stated that it will not launch its own stablecoin. Instead, the company aims to build infrastructure that connects traditional payment rails with blockchain-based networks, allowing businesses to integrate digital assets into existing systems.
What the Revised Application Means for Wise’s Business
Wise currently holds money transmitter licenses in 48 U.S. states and four territories, and the OCC’s rejection does not affect its existing services. The company’s 18.9 million active users will not experience any disruption. William Blair analysts noted that the revised filing is not a strategic pivot but a continuation of Wise’s core mission to reduce the cost of cross-border transactions.
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Since the initial application, Wise has strengthened its compliance and safety programs. The company said it improved its reporting systems and increased compliance resources, addressing regulatory concerns cited in the OCC’s rejection letter. The updated application will serve as an early test of the GENIUS Act’s framework, which has attracted interest from several financial firms exploring stablecoin-related banking opportunities.
For now, Wise continues to focus on its core business: developing tools that enable faster, cheaper international money transfers. The outcome of its new application could provide a blueprint for how traditional financial institutions and digital asset networks can coexist under U.S. regulation.
