Payoneer, a global payments provider for nearly two million businesses, has applied to the Office of the Comptroller of the Currency (OCC) to establish a US national trust bank. The proposed entity, PAYO Digital Bank, N.A., aims to bolster stablecoin-enabled services for international commerce.
This strategic move aligns with Payoneer's integration of stablecoins into its payment ecosystem. Under the GENIUS Act, the bank would facilitate stablecoin transactions, issuance and management of PAYO-USD, custodial wallets, and currency conversions.
Payoneer anticipates the bank will boost USD adoption in global trade, expedite SMB payments, and simplify cross-border financial operations. "We believe stablecoins will play a meaningful role in the future of global trade," stated CEO John Caplan. "Through PAYO Digital Bank, we aim to provide customers with a trusted and regulated way to leverage the latest payment innovations."
Rob Morgan, selected to lead the new bank, highlighted its potential to help global merchants accelerate payments and improve market access. Payoneer recently integrated stablecoin functionality into its platform and received approval for its cross-border payment services in India.