Global financial services firm Payoneer has filed for a national trust banking charter in the U.S. This move could allow the company to issue its own stablecoin and offer a range of crypto services.
Payoneer aims to establish PAYO Digital Bank, a week after announcing a partnership to integrate stablecoin capabilities into its cross-border transaction platform. The company seeks to issue a GENIUS Act-compliant stablecoin, PAYO-USD, for use in Payoneer wallets and for customer payments.
Obtaining OCC approval would also permit Payoneer to manage PAYO-USD reserves, provide custodial services, and facilitate conversions between stablecoins and local currencies. Payoneer CEO John Caplan stated, "We believe stablecoins will play a meaningful role in the future of global trade."
This pursuit follows similar applications from other fintech and crypto firms, including Crypto.com, Circle, Ripple, Fidelity Digital Assets, and Coinbase, who are also seeking banking charters to expand their digital asset services.