Key Insights
- Payoneer filed for a U.S. national trust charter
- Firm plans GENIUS Act compliant PAYO-USD stablecoin
- OCC approval would expand custody and reserve control
Payoneer filed an application Tuesday with the Office of the Comptroller of the Currency to form PAYO Digital Bank in the United States. The move positioned the global payments firm to issue a GENIUS Act compliant stablecoin called PAYO-USD. Executives said the charter would allow the company to deepen its crypto services and manage stablecoin reserves directly.
The Payoneer stablecoin push arrived as more financial technology firms sought federal oversight for digital asset products. A national trust charter would place the company under direct OCC supervision rather than state regulators. That structure would allow Payoneer to operate across state lines while issuing a dollar-backed instrument tied to its wallet infrastructure.
Payoneer stated that PAYO-USD would function as the holding currency inside Payoneer wallets. Customers would also gain the ability to pay and receive stablecoins on the platform. Management framed the product as a bridge between traditional cross-border payments and regulated blockchain settlement.
Charter Filing Signals Regulatory Alignment
The Office of the Comptroller of the Currency confirmed it received the application to establish PAYO Digital Bank. The regulator recently granted conditional approval to Crypto.com for a similar charter, which signaled openness to new entrants. Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos secured charters in December, expanding the field of federally supervised crypto institutions.
That regulatory momentum shaped Payoneer’s timing. The company partnered last week with stablecoin infrastructure firm Bridge to add stablecoin capabilities to its cross-border network. The charter filing followed that integration, suggesting the firm intended to align product rollout with regulatory cover.
Chief Executive Officer John Caplan said stablecoins would play a meaningful role in global trade. He argued that digital dollars could streamline settlement for small and medium-sized businesses. Payoneer served nearly two million customers, most of them exporters and freelancers operating across borders.
Stablecoin Infrastructure And Reserve Control
The OCC charter would allow Payoneer to manage PAYO-USD reserves directly. It would also enable custodial services and on-platform conversions between stablecoins and local currencies. That structure could reduce reliance on third-party banking partners and tighten liquidity oversight.
Bridge provided the technical rails to support stablecoin issuance and transfers. Payoneer integrated those capabilities into its wallet system to enable blockchain-based settlement. The GENIUS Act compliance target signaled an effort to align the token with anticipated U.S. legislative standards.
Payoneer said the offering could reduce friction in non-dollar payment corridors. Management added that a regulated digital dollar would help American firms compete internationally. The company linked the product to broader U.S. dollar distribution goals in global trade.
Competitive Field And Industry Context
The Trump family’s World Liberty Financial applied in January for a similar charter to expand usage of its USD1 stablecoin. Coinbase submitted its application in October and awaited a decision. Laser Platform also filed paperwork in January, widening the competitive queue.
This wave of filings reflected growing institutional interest in stablecoin issuance under federal oversight. Comptroller of the Currency Jonathan Gould stated in December that new entrants strengthened competition and consumer access. He argued that additional chartered institutions could expand credit and product diversity within the banking system.
Market participants interpreted these moves as a shift toward regulated stablecoin banking models. Firms sought charters to control reserves, custody assets and integrate blockchain settlement under one umbrella. That vertical integration could reshape how cross-border payments settle in dollars.
Meanwhile, The Kobeissi Letter reported that PayPal stock rose over seven percent after speculation that Stripe considered an acquisition. Although unrelated to the Payoneer filing, the report reflected broader consolidation chatter within digital payments. Investors tracked these developments as firms repositioned for stablecoin-linked growth.
Payoneer did not disclose a timeline for OCC review. Federal charter decisions often span several months, depending on regulatory scrutiny and capital requirements. The next milestone will hinge on whether the OCC grants conditional approval similar to recent cases.
Until then, PAYO-USD remains a proposed instrument tied to regulatory clearance. The decision will determine whether Payoneer transitions from payments intermediary to federally supervised digital bank.