Wise reworks US stablecoin trust charter plan

TLDR

Wise is redesigning its US stablecoin trust bank plan to fit new federal rules and will reapply for a national trust charter under the GENIUS Act framework.

1. Wises original US national trust bank application was denied by the OCC, and the company now plans to refile under the GENIUS Act payment stablecoin rules.
2. The revised plan shifts Wise toward a regulated payment stablecoin trust model, potentially linking its cross-border payments directly to US dollar-backed tokens and Fed-style rails.
3. What matters next is whether regulators approve Wises new charter as they refine master account policies and broader stablecoin rules, which will shape competition with players like Circle and BitGo.

Deep Dive

1. What Wise Is Changing

The Office of the Comptroller of the Currency (OCC) recently rejected Wises bid to create Wise National Trust, a nondepository US national trust bank, citing conflicts with new Federal Reserve policies on master account access and historical AML concerns. Wise now plans to reapply for a national trust bank charter under the GENIUS Act, which defines payment stablecoins pegged to the US dollar with reserves in cash and Treasuries.

This reworked plan replaces Wises earlier dependence on a Federal Reserve master account that has become non-viable for uninsured trust banks under the Feds current pause on certain account types. The GENIUS Act route aims to give Wise a clearer regulatory basis for operating a stablecoin-centric trust bank within the new federal framework.

2. Why It Matters For Stablecoins And Payments

Wises core business is low-cost cross-border payments, and its infrastructure already supports both traditional rails and blockchain-based transfers. A successful GENIUS Act trust charter would position Wise as a regulated US stablecoin payment institution, similar in regulatory status to firms like Circle, BitGo and Anchorage that have obtained federal charters for crypto and stablecoin services.

Regulated payment stablecoin trusts can hold large reserves and plug directly into US payment systems, turning dollar-pegged tokens into a backbone for wholesale settlement rather than just exchange balances. For crypto users, this can mean more routes to move US stablecoins between banks, exchanges and fintech apps with bank-grade oversight.

3. What To Watch Next

Several trends will determine how impactful Wises revised plan becomes:

1. OCC and Federal Reserve decisions on Wises new application under GENIUS Act rules, including how they treat master account access for stablecoin trusts.
2. Ongoing charter approvals for other stablecoin and digital asset firms, such as Circles recent trust charter highlighted in the same coverage, which signals regulators willingness to license well-controlled stablecoin infrastructure.
3. Parallel policy debates over stablecoin yields and consumer protections in bills like the CLARITY Act, which could further shape how profitable and widespread regulated stablecoin products become.

Conclusion

Wises move to rework its US stablecoin trust charter under the GENIUS Act reflects a broader shift toward tightly regulated, dollar-backed stablecoin institutions. The outcome will influence whether fintech payment providers can compete alongside crypto-native issuers on regulated US rails, and it will help define how far stablecoins move from trading venues into everyday payment and settlement infrastructure.